Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to to record not just financial transactions but virtually everything of value.
A Blockchain is public ledger of all bitcoin transaction that have ever been executed. A Block is current part of a blockchain which records some or all of recent transactions and once completed goes into the blockchain as a permanent database.Each time a block gets completed , a new block is generated. Block are linked to each other in a proper chronological order with every block containing hash of previous block.
With the help of Blockchain technology middleman such as Bank is not necessary hence making the process more secure..Blockchain helps to curb corruoption , bank frauds, Bitcoin is not subjected to "frozen" as in case of present money.It will bring more transparency in the system.It will strengthen the present system of elections as well as the judiciary. Sharing economy can be transformed through the use of bitcoin technology , strengthen file storage, public records .It helps in decentralized distribution of IPR materials.
Building a robust framework with the help of technology coupled with proper regulatory mechanism is the need of the hour .
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