Blockchain – Technology behind Bit coin

  • Blockchain is the technology behind web-based cryptocurrency bitcoin. Cyrptocurrencies such as bitcoin have been making a lot of buzz over the last few years
  • The underlying blockchain technology emerged from the shadows of cryptocurrencies only at the beginning of last year

What is blockchain

  • Blockchain, maintained by a network of distributed independent communicating devices, offers a single source of truth for financial and non-financial transactions without any trusted central authority.
  • The fact that blockchain’s distributed database is verified by a network of nodes and continuously grows based on the previous data records, makes it very hard to be tampered with.151103-blockchain-bitcoin-technology-banking-fintech-FT
  • It holds significant promise in helping financial services organizations minimize counterparty risks, speed up settlements, improve contractual performance, and enhance regulatory reporting.
  • Blockchain is increasingly drawing attention around the world for building new work processes to make transactions and digital interactions more secure, transparent, efficient and cost-effective, thereby delivering superior experience to customers.

Applications of blockchain

  • The basic premise of blockchain is that it decentralizes the age-old centralized trust-based system.
  • Cryptocurrencies such as bitcoin form just one of the various applications of blockchain to have emerged first.
  • Any asset transaction between counterparties is a good candidate for blockchain application, as such transactions typically involve record-keeping, reconciliation and reporting.
  • Blockchain offers many use cases in financial institutions, particularly in improving existing processes and reducing the time and risk involved in transactions.
  • The technology is continuously evolving and various combinations of platforms, programs and protocols are at play today.
  • Some areas with application are
  1. Smart contracts — computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or obviate the need for a contractual clause and P2P transactions where senders and receivers can directly send and receive data over a network and where multiple users can connect and share files.
  2.  blockchain and cryptocurrency accelerators in the areas of P2P payments, asset trading, document storage, identity management, and lending, merchant and other financial transactions.
  3. Cross-border payment and remittances, post-trade settlement, syndicated loans, and trade finance are some of the other areas that many financial services firms are exploring worldwide.the-capabilities-of-the-blockchain
Related Posts
Karnataka Rural Infrastructure Development Ltd & Western Ghats Development Programme
The Karnataka Land Army Corporation Limited was established as an undertaking of the Government of Karnataka in August 1974. The name of the Organization was changed from Karnataka Land Army Corporation ...
READ MORE
7th ಮಾರ್ಚ್ 2018 ಕನ್ನಡ ಪ್ರಚಲಿತ ವಿದ್ಯಮಾನ
ಕೇರಳದ ಮನವಿ ತಿರಸ್ಕರಿಸಿದ ಕರ್ನಾಟಕ, ತಮಿಳುನಾಡು ಬಂಡೀಪುರದ ರಾಷ್ಟ್ರೀಯ ಹೆದ್ದಾರಿಯಲ್ಲಿ ರಾತ್ರಿ ವೇಳೆ ವಾಹನಗಳ ಸಂಚಾರವನ್ನು ನಿಷೇಧಿಸಿ ಹೊರಡಿಸಿರುವ ಆದೇಶವನ್ನು ತೆರವು ಮಾಡುವಂತೆ ಕೋರಿದ್ದ ಕೇರಳದ ಮನವಿಯನ್ನು ಕರ್ನಾಟಕ ಹಾಗೂ ತಮಿಳುನಾಡು ಅಧಿಕಾರಿಗಳು ತಿರಸ್ಕರಿಸಿದ್ದಾರೆ. ‘ರಾತ್ರಿ ಸಂಚಾರ ನಿಷೇಧದಿಂದಾಗಿ ಬೆಂಗಳೂರಿನಿಂದ ಕೇರಳಕ್ಕೆ ಬರುವ ಪ್ರಯಾಣಿಕರಿಗೆ ...
READ MORE
National framework for malaria elimination launched in Karnataka
National framework for malaria elimination launched in Karnataka The Health Department launched the National Framework for Malaria Elimination in India programme in Karnataka The World Health Organisation is committed to eradicating malaria ...
READ MORE
“3rd  ಏಪ್ರಿಲ್  2018 ಕನ್ನಡ ಪ್ರಚಲಿತ ವಿದ್ಯಮಾನ”
ಸುಳ್ಳು ಸುದ್ದಿ ಪ್ರಕಟಿಸಿದರೆ ಪತ್ರಕರ್ತರ ಮಾನ್ಯತೆ ರದ್ದು: ಕೇಂದ್ರ ಸುಳ್ಳು ಸುದ್ದಿ ಸೃಷ್ಟಿಸುವ ಮತ್ತು ಹರಡುವ ಪತ್ರಕರ್ತರ ಮಾನ್ಯತೆ ರದ್ದು ಮಾಡುವುದಾಗಿ ಕೇಂದ್ರ ಸರ್ಕಾರ ಹೇಳಿದೆ. ಸುಳ್ಳು ಸುದ್ದಿ ಪ್ರಕಟಿಸಿದ ಅಥವಾ ಪ್ರಸಾರ ಮಾಡಿದ ಆರೋಪ ಸಾಬೀತಾದರೆ, ಮೊದಲ ತಪ್ಪಿಗೆ ಆರು ತಿಂಗಳ ಮಟ್ಟಿಗೆ ...
READ MORE
KAS Challengers 2016: About Karnataka Draft Film Policy
Karnataka Draft film policy Why in News: The committee, headed by Karnataka Chalanachitra Academy chairman S V  Rajendra Singh Babu, submitted its Kannada Film Policy report to Chief Minister Karnataka Film Chambers of ...
READ MORE
AUGUST MAHITHI MONTHLY CURRENT AFFAIRS MAGAZINE FOR KAS KPSC EXAMS
DOWNLOAD AUGUST 2016 CURRENT AFFAIRS MAGAZINE CLICK HERE Best Current affairs Magazine for all civil services competitive examinations. It is the only magazine that covers National issues, international issues and Karnataka issues ...
READ MORE
The Agriculture Ministry has extended by a month the deadline for States to utilise funds under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) for implementation of micro irrigation projects. About Rs. ...
READ MORE
Karnataka Current Affairs – KAS/KPSC Exams
Bengaluru to host global environment, sustainability fest Bengaluru will host the country’s largest environment and sustainability festival from October 2 to October 11. The international environmental festival, ‘Roundglass Samsara Festival 2017’, will ...
READ MORE
Study group to chart out roadmap for tapping potential of drones
The Karnataka Knowledge Commission (KKC) is coming out with a strategy to utilise Unmanned Aerial Systems (UAS) technology in the sectors of town planning, crop and forest survey, pollution monitoring, civic operations among ...
READ MORE
Karnataka: CM launches ‘Pratibimba’ website to project achievements
Karnataka Chief Minister Siddaramaiah launched a comprehensive web-based platform showcasing the government's performance and achievements to the citizens. Developed as the Chief Minister's dash board, 'Pratibimba,' which means reflection, will serve ...
READ MORE
Karnataka Rural Infrastructure Development Ltd & Western Ghats
7th ಮಾರ್ಚ್ 2018 ಕನ್ನಡ ಪ್ರಚಲಿತ ವಿದ್ಯಮಾನ
National framework for malaria elimination launched in Karnataka
“3rd ಏಪ್ರಿಲ್ 2018 ಕನ್ನಡ ಪ್ರಚಲಿತ ವಿದ್ಯಮಾನ”
KAS Challengers 2016: About Karnataka Draft Film Policy
AUGUST MAHITHI MONTHLY CURRENT AFFAIRS MAGAZINE FOR KAS
States get more time to spend funds under
Karnataka Current Affairs – KAS/KPSC Exams
Study group to chart out roadmap for tapping
Karnataka: CM launches ‘Pratibimba’ website to project achievements