Holy Crypto

Although Blockchain Technology was created in 1991, it stayed in shadows until in 2009 when Satoshi Nakamoto published his white paper on Bitcoin, which worked on Blockchain Technology. Since the majority of people thought that Blockchain can only be used for Cryptocurrencies. But Blockchain is more than just Cryptocurrency. The main function of Blockchain Technology was to Timestamp documents so that they cannot be tampered with. Let us go through the fields where Blockchain can be employed for to make the process productive and secured. Banking Banking field is one of the most important and clumsy field we depend on every day. Banks are always busy with a lot of paperwork and manual uploading of data and lot of other stuff. It is a place where everyone tries to fraud or hack into it. The introduction of Blockchain Technology into banking sector will solve most of the present day issues and make it more secured. But in this sector, the Blockchain is centralize...

Blockchain technology became incredibly popular nowadays after the widespread of Cryptocurrencies. In this post let’s see how do they work, what problems they solve and how can they be used? As the name implies Blockchain Technology means a collection of blocks that hold information. The intention of creating Blockchain was to Timestamp the digital documents so that they cannot be backdated or tampered with. Although it was created in 1991, it went unused until 2009 when Satoshi Nakamoto adapted it for the creation of his Bitcoin. The blockchain is a distributed ledger that is open to anyone. The interesting property of the Blockchain is that once a data is recorded inside Blockchain it becomes very difficult to change it or I could say its practically not possible to change the data in a Blockchain. In Blockchain, each block contains data, the hash of the block and hash of the previous block. The data inside a block depends on the type of blockchain as in Bitcoin d...

Bitcoin is the brainchild of a person or group of people known under the alias Satoshi Nakamoto.  Bitcoin is a Cryptocurrency/Digital money, which uses Blockchain Technology.  Bitcoin is a worldwide payment system, which is the first decentralized digital currency. It is a peer-to-peer transaction system, which occurs between two users, without any intermediary. The transactions are recorded on a distributed ledger known as Blockchain. These transactions are verified by miners who are rewarded in Bitcoins (Bitcoins are actually created in this process and this process is known as mining). The bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the  genesis block in January 2009. Since then the blocks are added to the chain by other transactions. Where to store the Bitcoins? Bitcoin is not like physical currency to store in banks or in vaults. So in order to store the Bitcoins a wallet is used...