Page 42 - Banking Finance November 2021

ARTICLE

BLOCK CHAIN

TECHNOLOGY- A

TOOL OF DIGITAL

TRANSFORMATION

"Artificial intelligence, machine learning, Ledger' because the Blockchain is a distributed database of
records of all transactions or digital events that is executed
Internet of Things, blockchain and big data hold
and shared among participating parties. These transactions
potential to take India to new heights" are verified by majority of participants present in the system.
- PM Sri Narendra Modi
at the 2016 World Economic Forum Over the last few years, we have heard many times the term
(On launch of "IndiaChain" by NITI Aayog) 'Block Chain Technology'. It is imperative to understand that
what Block Chain technology is, how it works and how it's
Introduction becoming vital in the digital world. Basically it is treated as
the backbone technology of CryptoCurrency like BitCoin. It
Block Chain technology is a structure that stores
seems like Block Chain is a platitude but in a hypothetical
transactional records. It is also known as the block of the
sense, there is no real meaning that the layman can
public in several databases. This database is known as the
understand easily. So let us understand that what actually
"Chain" in a network that is connected through peer-to-peer
nodes. Typically, this storage is referred to as a 'Digital Block Chain technology is and how it works through
definition and examples.
About the author Actually, a blockchain is a decentralized, distributed and
public digital ledger consisting of records called blocks that
Ranjit Kumar is used to record transactions across many computers so that
Chief Manager (Faculty) any involved block cannot be altered retroactively, without
Union Bank of India, the alteration of all subsequent blocks. Here participants
Staff Training Centre verify and do the audit of transactions independently with
Bhubaneswar
comparatively less expense.Here database is managed

42 | 2021 | NOVEMBER | BANKING FINANCE