What is Blockchain? | MMTZ Talks!
Channel: Money Matterz Talks
Date: 2021-04-15

What is Blockchain?
Blockchain, as technology has brought a great change in the world of database management and revolution in the way transactions can be done. Mainly used in the financial sector it has been used in many other industries.

Hello and welcome to Money Matterz talks my name is Gautam. 
We did a video on Cryptocurrency BITCOIN and used the word BLOCKCHAIN while making the video 
Aaj ka topic hai BLOCKCHAIN……..


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It is a type of database. Normally database ko tables ya spreadsheets mein store keeya jata hai. Par Blochain unique hai apne data store karne ke method se. A blockchain collects information together in groups, also known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.”

Blockchain es concept ke baate 1991 se kee ja rahe thee. In the year 2009 Satoshi Nakamoto created Blockchain and used it for maintaining BITCOIN transactions all new cryptocurrencies launched use BLOCKCHAIN platform

Decentralization
Another advantage of Blockchain is the Decentralization of information. For the purpose of understanding blockchain, let's see how it is used for BITCOIN. Like a database, Bitcoin needs a collection of computers to store its data. blockchain is just a specific type of database that stores every transaction ever made. In Bitcoin’s case, and unlike most databases, these computers are not all under one roof, and each computer or group of computers is operated by a unique individual or group of individuals at different locations which are called nodes
In a blockchain, each node has a full record of the data that has been stored on the blockchain since its beginning. If one node has an error in its data it can use the thousands of other nodes as a reference point to correct itself.  This way, no one node within the network can alter information held within it. Because of this, the history of transactions in each block that make up the blockchain is irreversible. Toh Blockchain ne ek eisa system banaya hai jo secure hai and it's extremely difficult to hack. 

Transparency
Because of the decentralized nature of blockchain, all transactions can be transparently viewed. This means that if you want to, you could track wherever it goes.
AAB dekhte hai how Blockchain technology compares to our current banking system


- Users have the ability to determine how much of a fee they are willing to pay with Blockchain so the fees are competitive
- Blockchain takes 15 min to one hour to complete any transactions without any holiday compared to banks 24 hours timing
- With Blockchain anyone or anything can participate without requiring any KYC
- Transacting with help of BLOCKCHAIN is easier than  traditional banking transactions
- Having data stored in multiple locations it has an edge over Banks and also make it more Secure



Other uses of Blockchain
Blockchain ke survat bitcoin transactions ke data management se huee paar eska faida kaee industries ko ho sakta hai
- Like food industry to track it from its source.
- In the healthcare industry during the research of any drug and in the distribution. Also to securely store data of the patients and their health history.
- It can also be used in the voting process during elections which were also tested in November 2018 midterm elections in West Virginia in the US.
- However, it will be primarily used in the banking and finance sector. Jo Banking transaction ko bana sakeega fast, efficient, economical and most importantly secure.

We Estimate this technology will bring revolution in various industries. 
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