Block Chain Fundamentals
Block Chain is making a lot of buzz and this technology deserves much more. With the success of bitcoin, its proved that bitcoin will change the way things used to work.
Many experts say that BlockChain will change the way Internet has done to the society.This article explains some very basic block Chain Fundamentals
Let’s Understand “What is BlockChain”
In Simple words, Block Chain is technology which stores the records in such a way that it cannot be modified but can be accessed by anyone.
This feature “Cannot Be Modified” helps to identify the ownership of the record.
What is Block Chain by Example
In early days lots of frauds use to happen on Property deals same property being sold to User was a common fraud. This fraud can be completely eliminated using Block Chain.
Suppose User A owns a house H1 and this transaction is recorded in the Block Chain . This records cannot be modified by any one.
Any User who wants to buy house H1 can check the actual owner of the house. When User B purchase the house from User A , the ownership of home H1 will be set o User B in a separate transaction in Blockchain again which cannot be modified. With the help of block chain we can see the histroy of ownership of house H1.
Above was one of the simplest example to explain blockchain and its usage.
This concept of block chain can be applied to any assets like Cars, Crypto Currency , Motor cycles , Diamond etc.
Please come back for session 2 of our block Fundamentals session.
Please feel free to contact us for any queries.