Blockchain is considered to be a revolutionary technology for the future economy, but there is not much information available about the origin of this technology. It is believed that this blockchain technology was discovered to support this crypto-currency after Bitcoin was invented in 2008. It is a modern technology without which it is impossible to transact bitcoin or any other kind of crypto-currency.
Blockchain technology is a technology in which money is transferred directly between the buyer seller and this transaction does not require any middleman. At present, money transfers between two people are through third parties such as banks, paypals, money transfers, etc. and we have to pay higher service charges for these transactions, whereas blockchain does not require third parties. Transactions in blockchain technology take very little time. Also, the blockchain is completely safe.
Launched by Bitcoin Technology in 2008-09, the technology is very complex. It is considered difficult to hack and has a view of all the digital transactions that have ever been done. Blockchain technology is known as a full-proof system to prevent cyber crime and hacking.
Blockchain is a distributed data base, which continuously holds several records called blocks in which each block is linked to its previous block. This system contains encrypted or secret data on thousands of computers, also known as public ledgers. To hack it, all thousands of computers will have to carry out a cyber attack at the same time, which is impossible, based on blockchain digital currency bitcoin. Bitcoin currency is a decentralized cryptocurrency. which can be used anywhere at any time. It was discovered by Satoshi Nakamoto that the currency is becoming increasingly popular. In 2005, while the price of a bitcoin was Rs 5, as on date, the price of a bitcoin is around Rs 70,000. Bitcoin is not owned by any person, government or company. So, sometimes, there is no dishonesty, there can be no action because it is not in the control of the Government and because of its security, it is being misused in criminal acts like drug smuggling, etc. However, its use is illegal in India.