WHAT IS A BLOCKCHAIN?

BLOCKCHAIN IS A PUBLIC DISTRIBUTED DATABASE HOLDING ENCRYPTED

LEDGERS.A BLOCK IS A CURRENT PART OF A BLOCKCHAIN THAT HOLDS
THE RECORDS OF A RECENT TRANSACTIONS.IT IS CONTINUOUS RECORD
OF WHO HOLDS WHAT.
IT WORKS ON THREE PRINCIPLES:
1. PEER TO PEER TRANSACTION
2. PRIVATE KEY CRYPTOGRAPHY
3. PROOF OF WORK
 WHY IT IS SAFE?!
IT IS SAFE BECAUSE IT WORKS ON PRIVATE KEY CRYPTOGRAPHY TECHNOLOGY
WHERE A COMBINATION OF KEYS ARE REQUIRED SUCH AS A PUBLIC KEY AND A
PRIVATE KEY.
PUBLIC KEYS LOOKS LIKE :1KCVBU969BMBSKBYX22SGMJVWEUSF.
 WHY BLOCKCHAIN?!
1. ACCORDING TO A RECENT SURVEY BY THE WORLD BANK NEARLY 2% OF THE
TOTAL GLOBAL ECONOMY IS SPENT FOR BANKING FEES.
2. THE PROBLEM OF FAKE NOTES WHICH LED TO A GREAT TRIGGER IN OUR
COUNTRY BY A POLICY CALLED DEMONETIZATION.
3. THE INCREASING ACCOUNT OF BLACK ECONOMY AND ILLEGAL MONEY
TRANSFERS.
4. THE PROBLEM OF CASTING FAKE VOTES AND LESS POLLING PERCENTAGE.
 USES OF BLOCKCHAIN

SECURE :
PEOPLE USE DIFFERENT ENCRYPTION TECHNIQUES TO AUTHENTICATE THE TRANSFER OF MONEY, WHICH IS
SELF-GOVERNING (THAT IS, IT IS NOT DEPENDENT ON CENTRAL BANK) AND SYNCHRONISE THE GENERA2ON
OF THE UNITS OF THE CURRENCY IN DECENTRALISED CURRENCIES.
CRYPTOCURRENCIES ARE DECENTRALISED; AND AS A DIGITAL CURRENCY, IT OFFERS A DEFINITE AND SECURE
ENVIRONMENT. MOREOVER, IT HAS MADE POSSIBLE TO GATHER INDIVIDUAL WEALTH WITHOUT ANY HASSLE,
WHICH WAS UNACHIEVABLE AND ANONYMOUS.
 USES OF BLOCKCHAIN
ANONYMITY :
THE MAIN REASON WHY DECENTRALISED CURRENCY SUCH AS BITCOIN AND LITECOIN IS POPULAR AMONG
PEOPLE IS BECAUSE OF ITS INHERENT PRIVACY. SUCH CURRENCY ALLOWS PEOPLE TO MAKE THE FACE OF
ANONYMOUS. E.G; HIDE THE TRANSAC2ONS WHILE REMAINING TOTALLY ANONYMOUS TO ENHANCE THE
PRIVACY.
THIS MEANS THAT IF YOU PURCHASE SOMETHING ONLINE WITH THE HELP OF CRYPTOS.THERE IS
LITTLE CHANCE OF THAT TRANSACTION BEING TRACKED. DECENTRALISED CURRENCY MAKES TRANSAC2ONS
VERY SIMILAR TO CASH EXCHANGES.
THIS IS DIFFERENT, HOWEVER, FROM USING A BANK ACCOUNT WHERE YOUR PRIVATE DETAILS ARE
DISCLOSED THROUGH THE ACCOUNT NUMBER. WHILE, IN TERMS OF THE DIGITAL COIN ALL OF YOUR
TRANSAC2ONS ARE TOTALLY ANONYMOUS AND NEVER BEING TRACKED
 USES OF BLOCKCHAIN

TRANSACTION FREEDOM & FLEXIBILITY

ONE OF THE GENERAL ADVANTAGES FOR A DECENTRALISED AND DISTRIBUTED SYSTEM IS THAT RATHER THAN
CONSOLIDATING FREEDOM AND FLEXIBILITY OF ACTIONS TO THE WHIMS OF A SINGLE, CENTRAL AGENT, IT
ALLOTS THOSE QUALITIES TO ALL AGENTS PARTICIPATING IN THE SYSTEM.
ONE OF THE GENERAL ADVANTAGES OF USING A DECENTRALISED AND DISTRIBUTED SYSTEM IS A LOT MORE
FLEXIBLE AND SECURE TRANSACTI2ONS.EITHER YOU ARE LIVING IN ONE REGION OR A TRAVELLING PERSON.
USING THE BLOCKCHAIN BASED DECENTRALITRANSAC2ON DRIVES YOU A CRAZINESS. THERE ARE SEVERAL
AR2FICIAL INTELLIGENCE (AI) BASED BLOCKCHAIN SYSTEM WHICH CONSISTENTLY IMPROVES ITSELF BY
LEARNING FROM THE BEHAVIOUR OF USERS.
IN SHORT THE BLOCKCHAIN BASED DISTRIBUTED SYSTEMS ARE MORE INDEPENDENT AND DECENTRALISED
TO GIVE YOU A TOTAL FREEDOM OVER YOUR TRANSAC2ONS.
 USES OF BLOCKCHAIN

INVEST WITHOUT BORDERS:

THERE ARE MANY REASONS BECAUSE OF WHICH DECENTRALISED CURRENCIES ARE
CONSIDERED BETTER
THAN NORMAL CURRENCIES. IT PROVIDES A VERY HIGH SECURITY LEVEL AS THE
DECENTRALISED PLATFORM IS
OPERATED FROM MANY COMPUTERS, WHICH ARE CONNECTED WITH A DECENTRALISED
NETWORK. WITH
THIS, IT GIVES YOU THE FREEDOM OF DOING CROSS-BORDER TRANSACTIONS WITH COMPLETE
TRANSPARENCY. MOREOVER, ITS COST IS VERY LESS AS WELL.
 USES OF BLOCKCHAIN

DEMOCRACY IN ITS HANDS:

THE POOR RECORD OF VOTING POLL PERCENTAGE IS STILL HAUNTING THE
DEMOCRACY OF OUR NATION.USING BLOCKCHAIN TECHNOLOGY ONLINE
VOTING SYSTEM CAN BE INTRODUCED.ONCE VOTED ,THE VOTE CANNOT BE
ALTERED AT ANY TIME AT ANY COST SO THAT THERE IS A CLEAR IDEA OF
TRANSPARENCY THAT ANY CITIZEN CAN COUNT THE VOTES OF ANY
CANDIDATE.HE CAN ALSO CLAIM HIS VOTE IF SOME MALACTION TOOK PLACE.
 USES OF BLOCKCHAIN

PEER-TO-PEER TRANSACTIONS (ALSO REFERRED TO AS PERSON-TO-

PERSON TRANSACTIONS, P2P TRANSACTIONS, OR P2P PAYMENTS) ARE 
ELECTRONIC MONEY TRANSFERS MADE FROM ONE PERSON TO ANOTHER
THROUGH AN INTERMEDIARY, TYPICALLY REFERRED TO AS A P2P PAYMENT
APPLICATION. P2P PAYMENTS CAN BE SENT AND RECEIVED VIA MOBILE DEVICE
 OR ANY HOME COMPUTER WITH ACCESS TO THE INTERNET, OFFERING A
CONVENIENT ALTERNATIVE TO TT
 BLOCKCHAIN TODAY

EVERYONE OF US MIGHT HAVE COME ACROSS THE TERM BITCOIN BUT THERE
ARE MORE THAN 1500 CRYPTOCURRENCIES HAVING A MARKET CAP OF $15
TRILLION WHICH IS AROUND 10% OF TOTAL GLOBAL ECONOMY.
BLOCKCHAIN HAS BECOME A OFFICIAL MEANS OF MONEY TRANSFER IN MOST
OF THE DEVELOPED COUNTRIES LIKE USA , JAPAN.
MEDICAL TRANSCRIPTION IS NOW ADOPTING BLOCKCHAIN FROM THE NEXT
QUARTER.
USING THIS TECHNOLOGY,THE REQUIREMENT OF LABOUR IS VERY MUCH
REDUCED.
 BIBLIOGRAPHY AND REFERENCES

THE AGE OF CRYPTOCURRENCY BY PAUL VIRGINIA AND MICHAEL J CASSEY

• CRYPTOCURRENCY 101 BY JIMMYPUTNIK
• HTTPS://EN.M.WIKIPEDIA.ORG/WIKI/CRYPTOGRAPHY
• HTTPS://EN.M.WIKIPEDIA.ORG/WIKI/PEER-TO-PEER_TRANSACTION
• GOOGLE IMAGES
• SPECIAL THANKS TO SUPPORT TEAM OF COIN MARKET CAP