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HomeBusinessCryptoCurrency: What is Blockchain Technology, why is it different from Cryptocurrency?

CryptoCurrency: What is Blockchain Technology, why is it different from Cryptocurrency?

Highlights

‘Blockchain Technology’ is a digital ledger-like facility i.e. it is a digital ledger.
The Government of India will issue its own digital currency, this currency will be based on ‘Blockchain’.
‘Blockchain’ is also called Distributed Ledger Technology (DLT), it cannot be hacked.

New Delhi. You must have also heard the term ‘blockchain technology’ among the ‘crypto-currency’ being used as a digital currency in the country. After all, what is ‘blockchain technology’, and why is it being associated with ‘crypto-currency’, are these two the same? All such questions must have arisen in your mind too. Today you will know about it. The growing trend of ‘crypto-currency’ has encouraged people to know or use such things. Let us tell you that ‘Blockchain Technology’ is a digital ledger-like facility.

It is a platform where not only digital currency, but also any other thing can be digitized and its record can be kept. That is, blockchain is a digital ledger. Any transaction that takes place on ‘Blockchain Technology’ is visible on every computer connected to the chain. This means that wherever a transaction occurs in the blockchain, its record will be recorded across the network. Therefore it can also be called Distributed Ledger Technology (DLT).

‘Blockchain’ is considered secure

One of the good things about ‘Blockchain’ is that it is considered to be a secure and decentralized technology. Whose hacking is not possible, and it is also impossible to change, remove or destroy it. At the same time, it is being told as a more reliable technology than the platform of bitcoin.

This is the reason why the Finance Minister of India Nirmala Sitharaman has budget Announced digital currency during 2022. RBI will issue Indian digital currency Rupee. It will be based on Blockchain technology. By the way, cryptocurrencies also run on blockchain technology. But, since blockchain technology allows any digital information to be distributed, everyone will be able to use it.

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