Don’t miss the latest developments in business and finance.

image

Blockchain Technology

About Blockchain Technology

Facebook IconLinkedIN Icon

What is a Blockchain Technology?

In the past few years, you must have seen topics such as blockchain and cryptocurrency trend on the internet a lot. It is believed that these two terms are poised to revolutionise information technology and banking as we know them.
 

What is blockchain technology?

Also referred to as Distributed Ledger Technology (DLT), blockchain is a system which helps in recording information. The information is recorded in such a way that it makes it difficult for anyone to hack or cheat the system. The technology makes the system transparent and unchangeable.
The system is basically a digital ledger of transactions that is distributed with the entire network of computer systems and servers on the blockchain. Every block in the chain contains information of transactions made and every new transaction’s information is added to each participant’s ledger. In this way, the database is managed by multiple participants and is decentralised (there is no central agency managing the system). The system uses an immutable cryptographic signature called a hash to record every transaction and helps in linking every new block created to the previous block.
 
This makes it difficult to hack the system as even if one block was tampered with, participants will come to know that someone is trying to hack the system. To successfully hack the system, the hacker will have to tamper with all the blocks which will be impossible.
 
Bitcoin and other digital currencies such as Ethereum use blockchain technology to function. As more and more people start using these digital currencies, the number of blocks will also grow, making the whole system more secure. The system is more efficient and has no transaction cost making the system cheaper too.
 
Stuart Haber and W Scott Stornetta, in 1991, described a cryptographically secured chain of blocks for the first time. In 1998, computer scientist Nick Szabo started working on a decentralised digital currency. The technology became big in 2008 when a developer with the pseudonym of Satoshi Nakamoto (No one knows yet who this person is. Some speculate the pseudonym represents a group of people) released a white paper establishing the model. After releasing the white paper and launching the initial code, Nakamoto created bitcoin to be a form of cash which can be sent peer-to-peer without the need of a central agency or a bank as is the case for physical cash.

Latest Updates on Blockchain Technology

In a press release, the company said that the Tegro exchange enables bulk trading of non-fungible tokens (NFTs) across Ethereum, Polygon, and other EVM-compatible chains

Updated On: 26 Jun 2023 | 11:37 AM IST

Tata Elxsi's collaboration with Cultos Global is aimed at creating an innovative Driver Reward Program

Updated On: 02 Jun 2023 | 9:56 AM IST

There was a blip in the market on Thursday after the US agencies arrested the founder of Hong Kong-based crypto exchange Bitzlato, but it recovered on Friday

Updated On: 20 Jan 2023 | 5:47 PM IST

Crypto winter wiped over 70,000 Bitcoin millionaires in 2022, as the recent volatility experienced by top cryptocurrency resulted in millionaire holders suffering significant losses, a report showed

Updated On: 03 Jan 2023 | 9:54 PM IST

Cryptos are speculative but underlying tech has merits

Updated On: 22 Dec 2022 | 10:58 PM IST

To set up Blockchain-e-commerce Centre of Excellence towards this end

Updated On: 02 Dec 2022 | 8:47 PM IST

At the launch, Scindia said Digi Yatra will be one of the most efficient systems in the world

Updated On: 01 Dec 2022 | 10:32 PM IST

The next generation of devices and products, like India Stack, are being designed in India. But ever wondered what exactly is India Stack? Here's an insight into this platform

Updated On: 25 Nov 2022 | 12:16 PM IST

Company to use the funds to scale the number of contributors on the platform, create more integrated productivity tools for borderless and asynchronous work

Updated On: 15 Nov 2022 | 5:31 PM IST

FTX underlines the risk of unregulated markets

Updated On: 14 Nov 2022 | 10:38 PM IST

An exploit occurred on a bridge between blockchains and the issue is "contained now," Changpeng "CZ" Zhao, billionaire co-founder of Binance, the world's biggest crypto exchange, said on Twitter

Updated On: 07 Oct 2022 | 9:58 PM IST

Most blockchain projects are built around bespoke digital coins, which often function as user rewards and compensate developers for their woring them inck, giventive to stay involved

Updated On: 03 Oct 2022 | 5:13 PM IST

The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal

Updated On: 30 Sep 2022 | 5:54 PM IST

Nischal Shetty's new venture Shardeum aims to solve the existing shortcomings of Blockchains, such as Ethereum, including low scalability, high fees, and low throughput.

Updated On: 23 Aug 2022 | 5:01 PM IST

Blockchain technology is needed and can be used in governance, they say

Updated On: 25 Jul 2022 | 10:15 PM IST

As cryptocurrencies nosedive, investors of DeFi (decentralised finance) platforms need to exercise "caution and scrutiny" amid growing concerns about certain type of cryptocurrencies, warn experts

Updated On: 13 Jun 2022 | 4:12 PM IST

Caste certificate validation currently involves a lot of manual intervention and is prone to frauds and forgery, officials said

Updated On: 07 Apr 2022 | 11:53 PM IST

Suggesting a multi-institutional model for architecting the NBF, MeitY has said organisations must be identified along with their roles and responsibilities.

Updated On: 04 Dec 2021 | 2:05 AM IST

While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation

Updated On: 10 Nov 2021 | 8:15 AM IST

What do key indicators tell us about the Indian economy 5 years after demonetisation? How will tweaked Form 26AS make tax evasion harder? What is blockchain technology? Get all the answers here

Updated On: 08 Nov 2021 | 8:00 AM IST