ESSAY ON BLOCKCHAIN TECHNOLOGY: science is progressing, the world is becoming digital in the same way and due to this digitization, there is an unlimited increase in the number of digital data all over the world, due to which problems in the maintenance and management of these data also arise. But blockchain technology is one such technology that has emerged as an alternative in view of these problems.
Short and Long Essay on Blockchain Technology in English
Friends, today I am present for you guys with an essay on Blockchain Technology with the aim that you will like it and also it will help you to understand the nuances of this technology.
300 Words – Short Essay on Blockchain Technology
Introduction ( What is Blockchain technology )
The word blockchain is derived from two words block and chain, here block means data block and chain means chain formed by joining data blocks. The data in the data block is encoded by cryptography technology and kept secure. In this, each block is interconnected and each block contains a timestamp of the block behind it, a cryptographic hash and transaction data. In this way the data of each previous block is also preserved in the block next to it.
Invention / History blokacena (Blockchain Invention / History)
Blockchain technology was first explained by Stuart Haber and W Scott Stornetta in 1991, and a year later (in 1992) Bayer joined them in the research. At that time its purpose was to prevent alteration or tampering of digital documents by timestamp.
After that in the year 2009, Satoshi Nakamoto (Japanese person) invented bitcoin based on this technology. From that time till today, Blockchain technology has remained in the discussion and seeing its growing field, it seems that it will remain in the discussion for many years to come.
Blokacena technology (Blockchain Technology)
Simply put, Blockchain technology is a digital public ledger-book, which keeps a record of every transaction of a person and does not require any other party (eg-bank etc.) to maintain the credibility of the transaction. In this, the verification work is done by the devices connected to its network (such as chains of computers etc.), after verification the details of each transaction of the person are recorded in the blockchain. Once the data is recorded, it cannot be tampered with or altered.
While blockchain technology has its advantages, it also has some disadvantages, which almost all the central banks of the world are trying to assess. According to the US newspaper New York Times, blockchain technology can affect the entire world ecosystem.
600 Words – Long Essay on Blockchain Technology in English
Blockchain is a public database that stores digital information with high security. Generally in this, records of transactions of cryptocurrencies (such as bitcoin, etc.) are kept in multiple computers, which are connected to the same network. Apart from cryptocurrencies, all other types of information can be stored in digital format in it. Each subsequent block contains a cryptographic hash and a timestamp associated with the transaction records of the previous block, which gives it high security, tampering with or altering the data contained in it. It’s almost impossible to do.
Benefits Blokchen technology (Benefits of Blockchain Technology)
- It acts like a public ledger.
- The data is relatively more secure in it.
- In this it is almost impossible to tamper and modify the data.
- There is no need for any third party (eg- central authority etc.) from the point of view of security.
- It is based on decentralization of technology. And so on
Blokacena Wallet ( Blockchain Wallet)
A blockchain wallet (crypto wallet) is a digital wallet in which a person stores and manages his ether (a type of token), bitcoin and other cryptocurrencies. Through a blockchain wallet, the user is able to convert and transfer cryptocurrencies into their local currency. You can download the Crypto Wallet app on your mobile. There are two types of keys in a crypto wallet. The first is called public keys (Username – from this we receive tokens) and the second ones are called private keys (Password – from this we do transactions or check balances).
Type Blokchen ( Types Of Blockchain)
There are four types of blockchain-
1. Public blokacena (Public Blockchain)
Public blockchains allow everyone to participate and are completely based on decentralized technology. At present, it is mainly used in the exchange and mining of cryptocurrencies.
2. Private blokacena (Private / Managed Blockchain)
Private blockchains, also known as managed blockchains, have the role of a central authority (a single organization). The private blockchain is only partially decentralized, with the access of ordinary people restricted to this blockchain.
3. Consortium Blokchen (Consortium Blockchain)
Consortium blockchain is a blockchain governed by a group of organizations rather than a single organization, this blockchain is relatively more decentralized than private blockchain.
This requires consensus among many organizations so setting it up can be a difficult process.
4. Hybrid blokacena (Hybrid Blockchain)
Hybrid blockchain embodies the properties of both a public blockchain and a private blockchain. Like private blockchain it is controlled by an organization and like public blockchain it is also accessible to the general public but in hybrid blockchain the records are not made public but can be verified when required.
Relations Blokchen and Bitcoin ( R Elationship B Etween Bitcoin And Blockchain)
In Blockchain technology and bitcoin there is a relation of east and west i.e. there is no relation between these two, they are completely different from each other. Blockchain technology is a platform where other than cryptocurrencies, many other things can be converted into digital form and kept secure. Whereas bitcoin is a different digital medium than this, through which some things are bought and sold.
Applications of Blockchain/Future Scope
- A report published in 2017 by Harvard Business Review (HBR) suggests that institutions like the New York Stock Exchange, Bank of America, etc. are testing blockchain technology as an alternative to paper and human-based transactions.
- Apps such as Ethereum are attempting to decentralize data based on blockchain technology to give its users control over data.
- Many companies based on technology have also started using blockchain technology now. Facebook has just announced the release of its own cryptocurrency called Libra.
Global Status of Blokchen (Global Status of Blockchain)
- Keeping in mind its utilities and opportunities, all the big companies of the world are thinking of adopting it.
- For better governance in developed countries, the government is testing it.
- Russia started a pilot project (for powered voting system) based on this technology in 2016 itself.
- The biggest surprise is that 2500 patents based on blockchain technology have been registered in the last 3 years.
Blokchen conditions in India (Status of Blockchain in India)
There has been a lot of attraction for this technology in India mainly from the banking and insurance sector, people are busy loudly to be the first to make the world aware of the benefits of blockchain technology.
- Some Indian companies (such as NBFCs of Bajaj Group and Bajaj Finserv, etc.) have started offering financial services based on this technology to the people.
- ‘BanChain’ is a consortium of Indian banks with about 27 banks currently associated. This consortium has also started using blockchain technology to make businesses safer and faster.
- The “Institute for Development and Research in Banking Technology” is a branch of the Reserve Bank of India, which is building a state-of-the-art platform for the secure and easy use of Blockchain technology. And so on
Blockchain technology is believed to be a boon for businesses in the future, as the elimination of middlemen will bring about efficiency and improvement in the processing of transactions as well as reduce costs. This will get rid of fraud and will bring transparency in business. Along with this, the concerns that have come up regarding the sector of banking and insurance and cyber security, they can also be easily resolved.
Frequently Asked Questions on Blockchain Technology
Which state has proposed to set up the first Blockchain district in India?
Telangana State (in Hyderabad district).
Q.2 When was the concept of decentralization introduced in Blockchain technology?
Q.3 What is the name of the first block in the blockchain?
Q.4 When was the concept of blockchain technology first introduced?