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ADVANTAGES AND DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY

 ADVANTAGES AND DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY Blockchain offers a number of advantages which include: 1) Decentralization: it cannot be controlled by any central authority and also provides a transaction without any third party. 2) Transparency: the complete transaction history is available to everyone 3) Automation: activities could be automated with smart contracts. 4 ) Better attack resistance due to its nature of distribution, in which the system  relies on multiple individual components. Thus, it will be hard to fail or be targeted by a cyberattack . 5) Potentially lower transaction costs and faster transaction times when compared to the traditional system in the current scenario . However, blockchain is more of a double-edged sword. It also comes with the following disadvantages:   1) When compared to the traditional existing banking system in  certain circumstances, such as a domestic same bank transfer, potentially higher transaction  costs an...
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BLOCKCHAIN AND CRYPTOCURRENCY

  BLOCKCHAIN AND CRYPTOCURRENCY Cryptocurrency is simply the first and the most important application of blockchain technology, Thanks to blockchain technology, cryptocurrencies can build a non-traceable secure path once a payment transaction is generated on the internet. In contrast to the traditional currency which always required a central trusted party (for example, a central bank) to guarantee transactions, the cryptocurrency that is based on blockchain technology creates a digital online system of certification for payment transactions without any central authority, thus making it very discreet. Looking back at history, people have been looking for alternative payment solutions for decades. In the 1990s, eCash was introduced by DigiCash c, which probably should be considered as the first digital currency similar to the current cryptocurrency. However, it did not survive the 2000 Internet bubble. Since then, numerous digital payment solutions such as Apple Pay, Google-Pay, and...
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WHAT IS BLOCKCHAIN TECHNOLOGY?

WHAT IS BLOCKCHAIN TECHNOLOGY? Blockchain technology was introduced in 2008 by an individual or a group of  developers named “Satoshi Nakamoto”. It was the mathematical foundation of the digital currency popularly known as cryptocurrency. Nowadays, blockchain technology is not only considered the foundation of cryptocurrency but also of a wide range of applications in both financial and non-financial industries. Blockchain is a digital, decentralized, distributed ledger that records transactions. Its name originally comes from the “block” and “chain” introduced by Satoshi Nakamoto in 2008, where transactions are grouped in blocks as a data package and also chained with each block linked to the previous one. Thus, a blockchain represents a complete history of the transaction history In addition, blockchain is a distributed system that requires more than one node to be fully functional, but it is also decentralized so that no individual node could fully control the whole network. Hen...
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BLOCKCHAIN IN POLITICS

BLOCKCHAIN IN POLITICS As Blockchain technology has evolved over the years it now has reached a level where it can be used to tackle the problem of most countries, the problem of corruption. Blockchain brings on the table its tamper-evident systems and cavernous-auditing solutions. Here are some common issues faced by governments to which Blockchain can provide a solution: ·        E-voting: It is often seen that citizens of a country don’t go for physical voting as they consider it time-consuming, many of them are living far off from the places where they can cast their vote. There have been debates for years regarding the transparency of vote casting and counting too. The exceptional encryption and remote-accessibility of Blockchain can help in this process. ·        Outsourcing by the government: Government contracting has been one of the top contributors to corruption done by the government. It all starts by selectin...
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