Think of a technological advancement so powerful, that can change the world we see today.
A technology that fundamentally influences the way Governments, Businesses and Economy function. And redefines our conceptual understanding about trade, ownership and trust. This technology is very popular now, yes you can guess it! it is Crypto Currency.
Many people think often that crypto currency has only virtual money and transaction system. But when you see closer, the monetary aspect is just the tip of the iceberg. This is because crypto currency is a ground breaking internet technology for which money is one of an application.
Crypto Currency enables a network of computers to maintain a collective book keeping over the internet.
This book keeping is neither closed nor is under control of a party. Rather it is public and available in digital ledger which is fully distributed across the network called as "The Blockchain"
In blockchain all transactions are locked including time, date, participants and amount of each transaction. Each node in the network carries a full copy of blockchain. On the basis of complex mathematical principles transactions are verified by so called cryptocurrency miners, who maintain the ledger. The mathematical principles also ensure that these ledger notes automatically and continuously agree the current state of ledger and every transaction. If anyone attempts to corrupt a transaction, the nodes will not arrive at a consensus and hence will refuse to incorporate the transaction. Therefore every transaction is public, and thousands of nodes unanimously agree that a transaction has occurred on Date X and Time Y.
This way everybody has shared single source of truth. This is why we can always trust the blockchain.
Its time to explore this new technology constructively and critically and openly discuss potential applications.
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