Now a days who use technology and involves with the financial services which are mainly related to cryptocurrency, is well known about the blockchain. I have a very few knowledge about and not try explaining it, but with a simple way to explain how it works. Because fiat banking system which is IT based now try to engage with blockchain network as blockchain can achieve the trust to established secure network. In Bangladesh, United Commercial Bank firstly launched their blockchain baded mobile financial service- UPAY. Before going to describe about UPAY, I'm try to talk about blockchain.
Blockchain is a system that is a specific type of database and differ from typical databases, keep recording information, transactions, save/store data in a very complex way, blockchains store data in blocks that are next chained together. When a new data make entry and its entered into a fresher block. The block is filled with data like- depends on the network and its purpose type, it is chained onto the previous block, which makes the data chained together in chronological order.Thus blockchain makes it secure and difficult or impossible to change, hack, or cheat any kind of the system.
A blockchain is seems to be a digital ledger. All the transactions that is initiated to duplicate and distributed across the entire network of computer systems through the node on the blockchain. Here, each and every block in the entire chain contains a lots of number of transactions, this ledger is capable of keep records of newly every transaction that happen in the blockchain and every time a new transaction occurs on the blockchain by the every participant of the node of network. This is a decentralised and database is not in a center roof, it distributed geological with different place and no can control, erase or manipulation of the system. This ledger which is keep recording of the transaction is called hash that is immutable cryptography signature. As its a immutable- decentralised blockchain make an entry for data, which means that the data entered is irreversible.
Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions. That means all the transactions and particular transactions are permanently recorded and viewable to anyone.
Now, banking system believes on blockchain network and may be the first bank to announce their blockchain based mobile financial service with app based. This app provides service of your different uses and utility purpose.
So, people of here locally be tasted the phase of blockchain with the banking system, secured their money.
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