BLOCKCHAIN

I found the word blockchain used very randomly and people always have a doubt regarding this word. So i thought why not to give a try to make people understand what is actually a blockchain and why is is important to run cryptocurrencies based on this technology.

let me simplify it by giving an example.

You have a car as a property it has got a value which may go up or down according to the demand and supply. Now if you want to sell it what you can do is you have to do some paperwork and transfer that property to some other person now you lose the control over your car and it becomes someone's property not yours.

Again have a look at internet what happens there you have a song what you can do is you can send that song to other person but here while doing so what happened is actually you made a copy of that song so you and your friend have copies of the song hence it is not a propety it is something which will grow over time. Now at this point comes the role of blockchain technology. In blockchain technology if you have something and you send to other person you actually loose the actual one and it can be visualized like car example. so it can be treated as asset now if you have something in blockchain you can actully buy or sell it according to need of demand and supply.

So we can conclude by saying that it is a new form of internet which can revolutionize the internet world. I think now you should not have any confusion regarding blockchain.

In order to stay updated with my posts like my facebook page
link to fb !