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Blockchain technology is now becoming popular around the world. In keeping with the times, the time has come for Bangladesh to work with blockchain technology. But before that we need to know whether we are ready to accept new technology?
Blockchain is said to be a novel invention of modern times. One or more individuals or groups under the pseudonym 'Satoshi Nakamoto' are the inventors of this technology. Blockchain technology has evolved a lot since Bitcoin software was first released in 2009. This blockchain technology, which digitally distributes information, has created a new kind of internet. Blockchain was invented only for the digital currency Bitcoin, but now its potential is being tested in various areas of the technology.
First of all, blockchain is a secure and open method of storing information. In this method the information is stored in different blocks one after the other in the form of a chain. It is an irreversible digital transaction that is not only applicable to economic transactions. Any operation can be recorded using this technology. It is a distributable database that records all transactions between participating parties. Each transaction is again verified by the majority of the system. Once information is entered into the ledger, it remains permanently and can never be deleted. Blockchain consists of a verifiable record of every single transaction. This underlying technology works perfectly and can be applied to various tasks.
Since blockchain technology can be used to verify minute digital data without compromising the security of digital data, it is possible to bring about a radical change in the digital world by applying it. An important application of blockchain technology is 'smart contracts'. It is basically a computer program that can automatically execute the terms of a contract. Another promising application is the control of property ownership using smart contracts, called 'smart properties'.
Blockchain technology database is distributed and public. It is not located or stored in any single place. That is, the records it contains are truly public and easily verifiable. It is also free from the risk of hacking as there is no central version. Blockchain databases work on a majority basis. It also automatically verifies every transaction every ten minutes. These transactions are called blocks. That is, the integrity or purity of the database cannot be destroyed by changing any part of the data. This results in transparency.
As blockchain technology is decentralized, many sequential tasks are done simultaneously. For example, using this technology, stock-market transactions can be done simultaneously; Alternatively, land registry records can be made more accessible to the public.
The state of Maharashtra in India has announced the use of blockchain technology to introduce e-governance. This technology requires a cloud-computing platform. Maharashtra government says they will use public cloud. This will create a market of US$ 200 million and will save the government a lot of money as all government information is moved to the cloud.
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