As we have seen in the last couple of years bitcoin was considered as block chain only. But this statement is entirely wrong as it is now said bitcoin is block chain but block chain is not bitcoin. Bitcoin is a virtual currency carried out by block chain. The main moto of block chain is to verify the transactions. These days block chain could be applied to many other solutions in the market. The reason that the crypto currency of block chain i.e. is such a huge success is that nobody is still been able to hack it. The transactions carried out by these are non-traceable but where the exchange of this currency was carried out can be traced. Hence today we are using the block chain technology for various purposes like
As we know that block chain allows you to exchange money, properties, etc. between two people avoiding any extra middleman. Due to this people started saving a lot of money as well as time, as there would be no negotiations and acceptance of a middleman due to this technology the consumer is able to directly talk to the seller and carry out his/her business. Now you must be wondering what a smart contract is. Or how does it actually work? All the terms and conditions including the payment details must be coded in the smart contract, and when the conditions satisfy each other the contact will be accomplished. As the contact and its details are in block chain, all the details will be authorized by the members in the community.
If the votes are treated as the trades, it is possible to create a block chain that keeps a check on the votes, and as the block chain technology is used it will be possible to maintain not only the privacy of the voters but also will be able to keep the results unknown until the last second. In this way the users can trust the final count and also can verify all the details by themselves.
Not only in India but all around the world we know that cyber security is a great threat to each and every one present. If everyone starts to use block chain and starts to feed their personal identities like their digital signatures, facial recognitions, their heart recognitions, etc. Then the block chain with the help of some applications will store this biometric data and would be able to decode by the other authorized identity to validate this data so that there would be no leakage or miss use of your data.