Bitcoin is notorious, but from India to the elections, everything can change its basic technology

The price of Bitcoin increased considerably and at one time it reached up to 13 lakhs, which could not stay without affecting from investors to economists. After this, however, its price has come down to almost half. But where Bitcoin is being considered as a defamatory currency, its original technology 'Blockchain' is considered revolutionary for the future economy.

The popularity of Blockchain has started to grow only last year, but it is believed that it can bring revolutionary changes in future India, from banking to base and electoral systems.

What is Blockchain

Blockchain is basically such a decentralized digital laser, which is the basis of all kinds of crypto currency. With the convenience of copying digital information but not delivering it, Blockchain Technology has created a new type of Internet base. Although it was used for digital currency Bitcoin, but now it is being used to focus on other types of use. While working as a distributed public laser, Blockchain provides a decent and transparent way of transaction and the level of security is also high. The experts say that this is not just digital currency but far more than that. It can expand further into the interconnected world with the Internet.

What are the advantages

The advantage of the pair of Internet and Blockchain will be that the risk of hacking of data will be reduced, as it will be able to store data through a chain of millions of computers. A key feature of Blockchain is that it is of decentralized nature. Unlike the technology that is used to keep records in banks, healthcare and government agencies, no intermediaries are required to change the lagers in Blockchain.

Every user in a Blockchain is a custodian of his personal block, and whenever a change is made in a block, the laser changes automatically. But if another fake person wants to change it and does not match the information he has given about any block then the laser will not be updated. Because of this, this technology is quite safe.

Blockchain is still in the early stages, but an attempt to bring it into the mainstream has started. In addition to crypto crossover, testing of the use of blockchon technology has begun in many industries. There is a banking sector at the forefront of this. To avoid counterfeiting and improve their business, bank blocks use more and more in the next years.

Many banks abroad are testing Blockchain based crypto taxis for money transfer. America's money transfer giant MoneyGram has compromised Ripple in this regard. It is believed that the time of cross-border money transfer from technology like Blockchain based ripple will be only 2 to 3 seconds. Apart from banking, many other sectors have started testing Blockchain technologies to save cost and time.

What will change in India

Due to its decentralized nature, Blockchain technology can affect many things in our daily lives. This technology is fast, safe and economical. Therefore, in Digitization, it can prove to be very suitable for government departments in countries like India. Blockchain technology can be very helpful in digital based features like Aadhaar. There has been a lot of violence in the base due to data leakage, but Blockchain can be used to overcome this problem. The data base of base is decentralized, but the possibility of Blockchain technology falling into its wrong hands will be reduced.

Efforts have also been started in this regard. According to a newsletter from the Business Line newspaper, the Karnataka government has decided to use Blockchain technology and it is also going to bring a white paper on its use in governance.

Reduction in election expenses

Blockchain Technology can bring revolutionary change in the world of voting in India. According to an estimate, Rs 3,424 crore was spent in the 2014 Lok Sabha elections, but if the use of Blockchain Technology in future elections will reduce the election expenses and it will also be safer. Using this technology, fraud in case of voters is not possible. Not only this, such an arrangement can also be made, in which the voter can vote from his home only from his mobile.