Samarth Project Anatargat kai kai Pravrutio karavi shakay tenu List. Sujay Patel dvara banavvama aavel saras majanu pravruti aayojan jena aadhare tamare project pasand kari banavi shaksho.
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WHAT IS BLOCKCHAIN?
When I ask you about Blockchain I am pretty sure your answer is as simple as its the technology behind bitcoin or Ethereum or any cryptocurrency, it's real, but it is like defining the internet as the technology behind email or e-commerce, which is slightly uncompleted, one can not define internet in terms of its use-cases.
Example of Blockchain:
If I had to explain Blockchain I would like to take the example of a ledger which stores my all transactions, if I had to send money to my friend to abroad, it's not like that money would fly to him, and he will get the amount, if I send money from here an entry would be made in my ledger and an entry in his ledger, but there is a problem that there are a lot of ledgers in between like banks money transfer institutions. Many more so if I send $100 he might be getting merely $94 to $95 and this all process going to take 5 to 6 working days, now imagine instead of this broken system we had a universal ledger and every participant I talked about me, my friend, banks or any else are part of that global ledger and when a transaction had to happen every single of them had to authenticate it.
Then you only need one real-time entry, and whenever a transaction happens it is added to the network as a block which consists of chain of already happened transactions, and every block is immutably linked to each other, and so if anyone tries to change a transaction or block one will have to change each block or transaction that is like impossible, that's why it is much secure. This is the concept behind Blockchain.
Now a question may strike to your mind that who owns Blockchain or who controls it, it's not one bank or high authority or a government, but it's the entire bunch of people who are using it.
let's talk about it quickly:
Blockchain is like a kitty party, in a kitty party bunch of women get together and exchanging some amount, let's suppose there are 12 women in a kitty party, and they put $100 each in a lucky draw. The lucky winner will get $1200, as all this transaction is happening among them, I consider myself as one of the participants of that kitty party now who may I trust, there is no one superwomen or a boss, what I am doing is I believe all of them. I am also aware of that fact if they want to defraud me; each woman must be influenced that is impossible.
Therefore, I am changing the concept of trust from centralized trust to distributed trust it is that distributed trust which is the heart and soul of Blockchain.
I hope all of you are now aware of the word Blockchain.
SUBJECT SOCIAL SCIENCE STANDARD 7 PROJECT
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