BLOCKCHAIN: HOW IT WORKS AND WHY SO POPULAR
Merely, 12 years ago on 31 st October 2008, SATOSHI NAKAMOTO published a paper on the internet about the idea of bitcoin. The Paper’s first few lines almost depicted all. The lines – “A version of electronic cash that would allow payments to be sent directly from one party/person to another party without involving a financial institution.” The value of bitcoin in 2010 was ~ 0 INR and value in 2020 ~ 15 lakhs INR. Recently, it touched its high price point, and now again is the topic of discussion among the market and media. Why so much difference? Like the US dollar is controlled by the Central Bank of US and the Indian rupee is controlled by RBI. Normally, our financial systems are based on “TRUST”. Whereas Cryptocurrency is a digital asset over which central banks or financial institutions have no control or rules/regulation. The currency notes and coins have value just because they are guaranteed by the government and central bank. Every currency has a promissory note with the signa...