A two-day blockchain hackathon will be held in Bengaluru on the 5th and 6th of next month. This heathen has been named Building Future Cities. The hackathon is being organized by the crypto investing app CoinSwitch. The event will also be supported by 'Startup Karnataka', an initiative of the Government of Karnataka, and Tejasvi Surya, MP from Bengaluru South and Sequoia India. The organizers of the event have stated that the purpose of this hackathon is to provide a platform to those working on it, along with discussing the use and possibilities of blockchain in India. During this hackathon, the winners will also be given a prize of up to Rs 3 lakh.
Blockchain has been a topic of discussion all over the world in recent times. Blockchain has come into more limelight since the era of cryptocurrencies because cryptocurrencies work on the technology of blockchain itself. As the use of cryptocurrencies or NFTs (Non-Fungible Tokens) is increasing all over the world, the importance of blockchain technology is also increasing. Blockchain technology is now taking its toll on the lives of the common man as well. The services we use in our everyday life may be based on the technology of blockchain but we are not aware of it. In such a situation, it is important to be aware of what is blockchain in today's time and how our lives are related to it.
What is Blockchain?
We can call blockchain a series of different blocks, information is hidden in these blocks. The purpose of using blockchain is to fix the time stamp of digital documents so that backdating or tampering with them is not possible. Blockchain technology can also help us overcome the problem of two records without using a central server.
Using blockchain technology, commodities like money, property, agreements, etc. can be easily exchanged without the need for a bank, government, or third-party intermediation. The specialty of this technology is that once data is entered inside a blockchain, it is not only difficult but almost impossible to change.
With a simple example, understand what is blockchain?
Suppose you are shopping in a mall. As soon as you go to pay for your purchases at the counter, you find that your debit or credit card is not working. You receive a notice that due to a fault in your bank's server, your card cannot be used by any customer of that bank, including you. What will you do then? If you ever get stuck in such a situation then you will be in trouble.
Now consider another aspect. Suppose the mall you're shopping at has access to a data or ledger that can update every transaction on your debit and credit cards, whether the bank's server is working or not. If this happens, you will be able to use your cards even if your bank's server is down. Because the mall will update your purchase amount in its data and when your bank's server gets fixed it will be updated there as well. In such a situation, you will be able to make purchases without any problem even in case the server is down. That's what blockchain technology is all about.
Which example of blockchain do we use?
Most of us have used Google Spreadsheets at some point or another. If we think carefully, we will find that the Google spreadsheet we are using is a document or ledger that can be shared on every computer in the world and is connected to the Internet. If we make any changes to this spreadsheet, it gets recorded in one row of it.
Anyone using a mobile device or computer can connect to this spreadsheet and access its data via the Internet. Anyone connected to the Internet can view the data entered in this spreadsheet, but cannot change the data already in it. That's what a blockchain is all about. The only difference is that the data is stored in separate rows in the spreadsheet and the data is stored in different blocks in the blockchain.
So we can conclude that a block of a blockchain is a collection of data in which smaller blocks containing data or information are linked chronologically one after the other. When many blocks are joined together to form a chain of blocks, it is called a blockchain.
What is the relationship between blockchain and cryptocurrency?
Cryptocurrencies around the world whether it is bitcoin or Ethereum all use the technology of blockchain. The first and most famous application based on blockchain is bitcoin, the world's most famous peer-to-peer digital currency. Bitcoin is created and controlled by the technology of blockchain itself. Unlike traditional currency, you can send bitcoins based on blockchain technology to anyone and anywhere without the need for permission from banks or governments.
Blockchain-based cryptocurrencies like Bitcoin or Ethereum do not even care whether you are a human or a machine. Based on blockchain technology, thousands of bitcoins at the same time are capable of simultaneously verifying the validity of the payment, so its operation does not require banks or any third-party intermediaries.
In Bitcoin's blockchain, there exist 1MB blocks that contain peer-to-peer transactions. These blocks are added every 10 minutes after being verified by crypto miners with the help of an inbuilt consensus mechanism. Each entry in these blocks is secured using cryptographic maths that makes it immutable.
What will be the role of blockchain in the launch of RBI's digital rupee?
Let us tell you that India's Finance Minister Nirmala Sitharaman announced during the budget speech for the year 2022 that in the coming financial year the government will develop a Central Bank Digital Currency (CBDC). Reserve Bank of India will launch this CBDC which will be based on the technology of Blockchains like any cryptocurrency like Bitcoin or Ethereum. CBDC or Digital Currency will be a legal tender issued by RBI in digital form.
What is the bad side of blockchain?
The fundamental problem of blockchain technology is to control it. Any central bank has complete control over the currency because the nature of blockchain is decentralized. In such a situation, if RBI comes up with digital currency in the future, it will be interesting to see what approach it adopts to maintain its secrecy and monitor it. If RBI keeps its control over the data of this digital currency, then again being a digital currency will be different from the nature of the digital currency, because the basic feature of digital currency or cryptocurrency is that no one can control or monitor it. could.
Himachal Pradesh: From Ram Mandir-Mahakal Lok to Indians stranded abroad in the poster war, what is the story of '60-8'
There is a tremendous poster war going on between the political parties in the Himachal Pradesh assembly elections. Even though the election is for the assembly, but 'national' and 'international'
BJP got 6 times more donations than Congress: BJP got Rs 614 crore in 2021-22, and Congress only Rs 95 crore
According to the latest figures of the Election Commission, during 2021-22, the BJP government in power at the Center received donations of Rs 614.53 crore, which is 6 times more than the donations
Salman Khan: Salman received a grand welcome in Jamnagar, hugged the Ambani family's elder daughter-in-law Shloka
On his birthday this year, Salman Khan was spotted arriving in Jamnagar amid tight security for the celebrations. Khan was joined by his family and friends in the city to join the celebrations on his
'We are fighting the second war of independence', Kharge's allegation in Congress convention- BJP won Maharashtra elections by rigging
In the two-day session of Congress on the banks of Sabarbati river in Ahmedabad, Gujarat, party president Mallikarjun Kharge fiercely attacked the central government. He targeted the issues of
Mountaineer Baljeet Kaur: Baljeet melted the ice with a strong will, this is how Himachali's daughter returned after defeating death
27-year-old Indian mountaineer Baljit Kaur, who went missing after conquering the world's 10th highest peak Mount Annapurna, has been safely rescued. Baljit Kaur, a resident of Mamlig in Solan
12,000 flights canceled due to snow storm in America: power failure in many cities, 8 feet of snow in New York… 34 deaths
The blizzard that came before Christmas in America continues to wreak havoc. This storm, which has made life difficult for more than 20 crore people in the country, is being called Bomb Cyclone. 34
Such devastation due to flood in America, Emergency had to be imposed: 19 died, loss of 2 lakh crores; Know the atmospheric river which is bringing storm
The US state of California is in the grip of a dangerous storm. So far 19 people have lost their lives due to the storm that has been going on for two weeks. How serious the situation in California is
'Confusion in Muslim society over Waqf Amendment Bill', Kiren Rijiju said- India is run by law
Union Minister for Minority Affairs Kiren Rijiju said that confusion is being spread in the Muslim community on the Waqf Amendment Bill. Wrong messages are being given through loudspeakers in every
This feature of the iPhone 14 Series can be found in Samsung Galaxy S23 series, this is how it works
Samsung Galaxy S23: Apple's smartphones are popular all over the world. The reason for this is their special features. According to the latest reports, the Samsung company is bringing some special
Kuwait Building Fire: People were stuffed like animals; the fire spread so fast that there was no chance to escape
The fire in a six-story building in Kuwait spread so fast that people did not even get a chance to save their lives. Kuwait Times quoted firefighters as saying that the fire broke out suddenly due to
