- 25.02.2020

Cryptocurrency and blockchain technology upsc

cryptocurrency and blockchain technology upscLet's decode the latest buzz word -The blockchain Technology - in this post. was invented by Satoshi Nakamoto in for use in the cryptocurrency bitcoin, as its public transaction ledger. ClearIAS UPSC Prelims Online Mock Exams. While cryptocurrencies have a bad reputation, Silicon Valley tech giants and investment banks are trying to salvage the underlying promise of blockchain and​.

In Depth - Blockchain Technology

Briefly explain what is cryptocurrency and how it works. Explain how cryptocurrency can be useful in Financial cryptocurrency and blockchain technology upsc by giving examples Conclude suitably Introduction Cryptocurrencies are a digital form of money that runs on a totally new monetary system.

Cryptocurrency and blockchain technology upsc

It is supported by a decentralized peer-to-peer network called the blockchain. Blockchain technology ensures that all transactions in cryptocurrencies are recorded https://showcatalog.ru/and/free-coins-and-cash-for-8-ball-pool-no-survey.html a public financial transaction database.

For example Bitcoins.

Cryptocurrency and blockchain technology upsc

Body A blockchain in simple cryptocurrency and blockchain technology upsc is a series source connected blocks containing a record of data cryptocurrency and blockchain technology upsc by a bunch of computers not owned by any single entity secured by using a cryptography principle.

Therefore, blockchain technology facilitates payment systems, decreasing the operational costs, human blunder, and falsification.

Cryptocurrency and blockchain technology upsc

It also facilitates banks to get rid of all intermediaries in the payment processing system to cryptocurrency and blockchain technology upsc the costs to process payments between banks and clients.

Blockchain technology can be of great use in administering trade finance transactions for article source banks.

Under the blockchain technology, all the documents such as Shipping bill, Tax invoices can be recorded in a centralized repository where all the parties involved can access the real-time data.

Cryptocurrency and blockchain technology upsc

It becomes essential for the banks and other financial institutions to build a database containing all the more info of the customers including their identity proof like Cryptocurrency and blockchain technology upsc card, passport, Aadhar card, driving license, etc.

Blockchain technology can help the banks to overcome the problem of establishing identity by offering cryptographic protection that ensures the involvement of all parties to the transactions.

Documentary Film on Blockchain Technology and Cryptocurrencies

Blockchain technology can help the insurance companies including re-insurers cryptocurrency and blockchain technology upsc regulators to access the required data and it will, in turn, help them in settling the insurance claims at a much faster rate.

It can be used to implement Smart Contracts.

Cryptocurrency and blockchain technology upsc

Smart Contracts are executed based on matching of terms and are validated by other parties instantaneously and without the need of an intermediary. Cryptocurrencies act as alternative investments.

Cryptocurrency and blockchain technology upsc

These currencies may enable tech savvy traders to hedge global volatility, cryptocurrency and blockchain technology upsc it did during the financial turmoil of cryptocurrency read article blockchain technology upsc Conclusion Cryptocurrency and blockchain reduces delays, conflicts, and cryptocurrency and blockchain technology upsc in many aspects of financial services.

Thus, there is a need for the Fintech industry to jointly https://showcatalog.ru/and/price-difference-between-coinbase-and-binance.html with the RBI and the government on a constructive policy framework for cryptocurrencies in India.

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