Blockchain Technology
Blockchain is a distributed, immutable ledger technology that records transactions across a network of computers. Each block contains a cryptographic hash of the previous block, creating a tamper-proo…
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Definition
Blockchain is a distributed, immutable ledger technology that records transactions across a network of computers. Each block contains a cryptographic hash of the previous block, creating a tamper-proof chain. Beyond cryptocurrency, blockchain enables smart contracts, supply chain transparency, and decentralised applications. India is exploring blockchain for land records, supply chain, and financial services.
Key Points
- Distributed ledger — no single point of failure or control
- Immutable — once recorded, data cannot be altered
- Smart contracts automate agreements without intermediaries
- Indian government exploring blockchain for land records, supply chain, and identity
Related Terms
Frequently Asked Questions
Yes. Practical blockchain applications include: supply chain tracking (verifying product origin and authenticity), land registry records (several Indian states are piloting this), cross-border payments (faster and cheaper than SWIFT), digital identity verification, and academic credential verification. The value is in scenarios requiring trust between parties who don't trust each other.
Only if you have a genuine need for distributed trust. Most businesses benefit more from conventional databases and APIs. Consider blockchain if: you need tamper-proof records across multiple parties, supply chain transparency, or are in financial services. Don't adopt blockchain just because it's trendy — evaluate whether a regular database would suffice.
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