What is Blockchain Technology ?

Recent days block chain and crypto currency like bitcoin more popular . how do they work , what problems it solve and how they can be used .

Block Chain

Block chain is a chain of blocks contains information , blocks are created by complex mathematical function and cryptography . block chain distributed all over globe not copied. completely open to everyone.

It was originally designed 1991 by group of researchers for time stamping information and not able to modify it , and bitcoin is the first cryto currency created by sathoshi nakamoto later 2009.

How they can be used

1. Financial services - block chain can be Real time remittance - banks are started integrating for cross border payments.
2. Smart contract - smart contracts are completely digital contract , it is computer program stored in distributed block-chain , and will be executed as per business requirements.
   3.E-notary.
3. Healthcare - Medical Records keeping.
4. Voting System Preventing voter fraud.

Etc.....

Andra pradesh is the first state use blockchain for DNA collection for better understanding genetic diseases that may only affect certain groups of people and improve the preventative medicines available

How PNB fraud: How blockchain can stop future 'Nirav Modis'

Checkout Blow Link

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