Block chain technology in India
1. Blockchain is the basis of bitcoins, it is a digital public ledger that records every transaction.
2. Blockchain removes the need for using a trusted third party such as a bank to make a transaction by
directly connecting the customers and suppliers.
3. Each transaction is recorded to the ledger after verification by the network participants, mainly a
chain of computers, called nodes.
4. It is witnessing a lot of traction within India, in sectors such as banking and insurance.
5. The Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank
of India (RBI), is developing a model platform for this technology.
6. Bitcoin is just one of the applications for the technology, whose use is being tested across
7. It is an advantage, when there is a lot of data that is shared across multiple parties with no trust
mechanism among the participants.
8. Non-financial players like retail, travel, health care, telecom and public sector industries are
also working on this technology.
9. Blockchain network automatically checks every transaction that happens in it.
10. Database is not stored on physical servers but on cloud, which makes it easy to store unlimited
11. It is the technology behind crypto-currencies.
12. Each block comprises of a hash pointer that acts as a link to a previous block. Along with those it
comprises of a timestamp and transaction data.
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