Blockchain Technology | What is Blockchain Technology? Digital Rupee is coming

Blockchain Technology: Finance Minister Nirmala Sitharaman has made an important announcement regarding digital currency. He said that digital currency will come in India in the year 2022-23. The special thing is that it will be issued by the Reserve Bank of India(RBI). Digital Rupee will be based on Blockchain technology. Let us understand in detail what is this Blockchain technology and why it is becoming very important in today’s time.

The Economic Survey 2022 report did not mention digital currency, blockchain and crypto-assets. The introduction of Digital Rupee using Blockchain technology will help reduce the financial and physical effort required for wealth management. The government will take a balanced approach to the issue of regulation of cryptocurrencies, as it has implications for the financial stability of the country.

What is Blockchain (TECHNOLOGY)?

Blockchain keeps the record of any digital transaction extremely secure. Transactions made with the help of blockchain technology cannot be tampered with. This technology works to save the entire track record of transactions of assets done in the business network.

Blockchain is a new technology. Which is known as Distributed Ledger Technology (DLT). With the help of blockchain technology, currency as well as anything can be converted into digital format and stored. Actually it is an exchange process, which works on data blocks. In this, one block is connected to another block. These blocks cannot be hacked. Blockchain technology aims to keep documents digitally secure.

Example of Blockchain Technology:

You can take Google Doc as an example to understand Blockchain technology. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. But, blockchain is more complex than Google Doc. Simply put, Blockchain is known as Distributed Ledger Technology, which makes any digital asset immutable and transparent through the use of decentralization.

That’s why blockchain technology becomes essential

Any kind of business depends heavily on the right information. The more accurate the information, the more the business will benefit. This is where the importance of blockchain increases tremendously. Blockchain provides instant access to the information needed by the business. The special thing is that the information shared on the blockchain is transparent and the records stored on it cannot be changed. The blockchain network can track orders, payments and accounts, among other things. Through the blockchain network, the members can also check the details of the end-to-end transactions, which is a good thing for the business.

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This is how blockchain works

Transactions performed on a blockchain network are recorded as blocks of data. The data block keeps records of information like who, what, when, where and how much. These blocks form a string of data and also show the movement of assets, when and where they reached and who is with them at the moment.
The blocks confirm the sequence and exact time of the transaction. These blocks are interconnected with each other in such a way that no other block can be entered between them. This makes its security very strong. Each additional block strengthens the verification of the entire blockchain as well as the previous blocks.

**ব্লকচেইন নেটওয়ার্কে সম্পাদিত লেনদেনগুলি ডেটা ব্লক হিসাবে রেকর্ড করা হয়। ডেটা ব্লক কে, কী, কখন, কোথায় এবং কতের মতো তথ্যের রেকর্ড রাখে। এই ব্লকগুলি ডেটার একটি স্ট্রিং তৈরি করে এবং সম্পদের গতিবিধি, কখন এবং কোথায় পৌঁছেছে এবং এই মুহূর্তে তাদের সাথে কে আছে তাও দেখায়।
ব্লকগুলি লেনদেনের ক্রম এবং সঠিক সময় নিশ্চিত করে। এই ব্লকগুলি একে অপরের সাথে এমনভাবে সংযুক্ত থাকে যে তাদের মধ্যে অন্য কোনও ব্লক প্রবেশ করতে পারে না। এটি এর নিরাপত্তাকে অত্যন্ত শক্তিশালী করে তোলে। প্রতিটি অতিরিক্ত ব্লক পুরো ব্লকচেইনের পাশাপাশি আগের ব্লকগুলির যাচাইকরণকে শক্তিশালী করে।

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