Block chain technology is quint essential in crypto or digital currencies. Digital currencies such as Ether and Bitcoin will not be functional without this technology. Don & Alex Tapscott, authors Block chain Revolution (2016) has rightly quoted “The block chain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
It allows for a secured exchange of data, verifies each exchange, and can be autonomously managed with no central authority. Crypto currencies can be based out of this technology. With the rise in popularity of crypto currency, block chain is gradually becoming an indispensable technology.
Salient features of block chain technology:
• It is durable and robust
• Does not have any single point of failure
• Secured exchange of data
• Is not controllable by any single entity
• It maintains a record or ledger of all data exchanges
The prime feature of block chain technology is unalterable transfer of data. The information shared is secure, thus ensuring data integrity. It has the potential to transform the way business transacts. It also enhances trust between consumers and business.
Block chain facilitates in civic administration and maintaining public records besides banking sector. Business information, individual asset records, and other business activities can be monitored through block chain. System like Ubitquity is block chain based and allows for maintenance of digital ledger. This further curtails any fraudulent activities.
Seamless functioning of this technology has further helped health care and voting sectors too. With elections round the corner, it would have been convenient to have online voting systems for those citizens wanting to travel during polling. With blockchain technology, online voting will no more be a distant reality. Coercing citizens to vote, conflicts, display of inaccurate information can be completely avoided. If our government implements block chain, you no more have to be physically present to cast your votes.
Likewise, it can streamline the tax paying process as well. Reduce the fraudulent practices involved in tax payment, safeguard personal information from being publicly visible, etc. Usage of such technology can revolutionize all sectors and make things hassle-free for citizens to use.