What is Blockchain Technology and Why Bank is neglected in Blockchain Technology?

What is Blockchain Technology ?

Blockchain consists of a series of blocks of data. Each block has an account of all the transactions that took place at that time. It is completely public. Anyone using Blockchain Technology can view it. It has this information. Blockchain consists of a system of linked transactions. They have to be connected in a distributor network or say that they are connected in the distributor network. It is called by Blockchain Technology.

Through blockchain technology, any digital transaction can be tracked and tracked without keeping any track. For example, if we do a transaction in a bank, then our record is with the bank and we have to get permission from the bank. Simultaneously, the transaction has to be done. But this is not the case in blockchain technology. It has the option of Peer 2 Peer network. It has a common distributor laser and the same data is stored in different computers in blocks.

It can be used with any cryptocurrency including bitcoin.

Technique

1. Internet

2. Cryptography

3. Protocol

It is like Wikipedia in which everyone can share information. Similarly, in this also all the people have the account of the ledger. In this, middlemen like banks are eliminated and you can do direct transactions like current account information is only with the bank whereas in this the user has all the information. Blockchain technology stores transactional records. It works like a kind of digital laser. Anyone can see its data but no one can characterize its data.

There are also some advantages of using this blockchain technology such as the use of digital signature in it. Which increases the privacy of the users, in this, transaction does not happen without the mutual consent of the users. It also enhances transparency in a democratic country. It gives high reliability. It is also helpful in preventing corruption and it also strengthens democracy.