When I first sat down to write this article and tell you all about Block chains and how they work, I thought I’ll create a synopsis of the concept, its applicability and much more. But the topic has come across to be so vast and fascinating that a mere thousand words cannot suffice it. So I’ve tried to explain it in the most basic terms to give you a basic idea about what it is, how it functions and where it is currently being applied (We all know about Bitcoins, but there is so much more that this revolutionary concept can do. )
It all started back in 2009, when Satoshi Nakamoto published the paper “Bitcoin: A Peer-to-Peer Electronic Cash System” and brought Bitcoins and Block chains to the spotlight. It is renowned by many as “the biggest technological innovation since the internet”. Since then, Bitcoins and blockchain technology have both exploded with each Bitcoin now being equal to 169553.21 Indian Rupee (As on 20th July 2017) and the Block Chain industry seeing funding of over 1 Billion dollars from investors.
So we now come to the most fundamental question, what is BlockChain?
By definition, the blockchain is an incorruptible digital distributed ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. To explain in simpler terms, I’d like to use the example used by Coindesk of Wikipedia. In a BlockChain, many people write entries into a ledger, and those same many people control how information is updated and amended. Likewise, in Wikipedia too, the entries are not by a single publisher and no one person controls the information. The difference between them arises when wherein although a client is able to change Wikipedia entries, they do it on the centralized server which contains a so called ‘master copy’. It is this ‘mastercopy’ that is edited on a server and seen by all the users. However, in BlockChain technology, every individual server in the network gets updated independently. It is this difference that makes BlockChain technology truly amazing as it eliminates the need for an intermediary/trusted party to facilitate transactions and relationships. This is why this technology has been expanding rapidly and has found a place in our lives in various ways in the form of various applications.
Here’s a list of the applications which use BlockChain technology-
A special mention goes to ZebPlay, it is India’s leading BitCoin wallet with over 700,000 users and has over one million USD invested in it.
BlockChain technology is constantly evolving and digital currency is the only the start of this revolution. We will keep telling you more about the advances of this technology as and when they happen!
Till then keep following us.
To know more about BlockChain Technology please refer to the links below-
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Thank you Yuva members for organising such a fun and informative lecture. We enjoyed it a lot. Meeting and learning from Mihir Sir was really an amazing experience. And this is not only our feeling but all the students enjoyed his lecture very much and look forward to many such events.