BLOCKCHAIN

BITCOIN

Blockchain was invented and conceptualize by Satoshi Nakamoto in the year of 2008 for the purpose of use of cryptocurrency Bitcoin.

What Is Blockchain

bitcooin

Basically, Blockchain is two parts Block and Chain. Block is the records of new transition s such as locations of cryptocurrency, medical data, even voting records, which is linked with the help of cryptography. Ones the block are completed it added to the chain which forms Blockchain.
If you have a cryptocurrency then you have a long password or private key which is linked to its address on Blockchain. With this long password or private key, you can withdraw currency. In any case, you lost your password then you didn't have any way to get your money back. In Blockchain each account also has a public key so other people can send you cryptocurrency to your account.
Blockchain share information publically. It is decentralization process which does not trust on any single server or computer for its function that's why any transition on blockchain are visible to everyone. This makes the Blockchain a public ledger.

Blockchain- A Public Ledger

BLOCKCHAIN

If you sell any cryptocurrency or transfer to anyone, that transition history information is publically available on Blockchain. But it was anonymous means other people don't know your identity. Your details are not shown publically but people can see how much amount has been transferred from one user to another.The concept of the public ledger has directly removed the middleman instead of relying on big corporations it gives you your own voice for your better or worse.

Use of Blockchain

Use Of Blockchain

The main purpose of blockchain is act as a distributed ledger for cryptocurrency like bitcoin. Apart from that we also see some of the other amazing use of blockchain.

Here's how.

1. Improve government efficiency

government process is very slow and difficult to proceed. Sometimes its susceptible to corruption.So Blockchain can accelerate this process and more secure, efficient.And highly affect on the function like hospitality, education , helthcare.

2. Act as financial avenues to worlds most people

Blockchain reduces the poverty gap around the worldwide by proving the financial vouchers to the refugees.Its also create a financial platform to send money to theire family members

3. prevents from voter farud.

Blockchain technology has a unhackable electronic vote counting system.This technology prevents voter fraud during voter registration and insures votes cannot be tempered with alater date.

4. Tracking the Refugee Crisis

Cryptocurrency heplp to refugges to purchase food and other needs. According to UNWFP (United Nation World Food Programm ), They send over 10,000 syrian refugees Cryptocurrency based vouchers in emergency.