December 2016 Current Affairs

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RBI to study Blockchain technology to curtail paper currency

RBI to study Blockchain technology to curtail paper currency
30 June 2016 Current Affairs: The Reserve Bank of India (RBI) H R Khan has  announced that it will soon set up a committee to study the use of Blockchain technology on 24 June 2016.

The technology will be used to reduce the use of paper currency.

Blockchain technology : The Blockchain database consists of blocks that hold time-stamped batches of valid transactions. Then, digital records are put together into blocks and then leaped together cryptographically and chronologically into a chain using complex mathematical algorithms. The encryption process is termed as ‘hashing’.

The linked blocks form a chain, with each additional block reinforcing those before it, thus giving the technology its name.Hashing is carried out by different computers. If they all agree on the answer, each block receives a unique digital signature.

Once updated, the ledger cannot be altered or tampered with.The Blockchain is seen as the main technical innovation of bitcoin.

blockchain database can help in reducing the use of paper currency : The distributed nature of a blockchain database makes it harder for hackers to attack it. The linked blocks make hacking tricky as the hackers would have to get access to every copy of the database simultaneously.

As the hash cannot be converted back into the original data, the blockchain database keeps data secure and private.

Therefore, if the original document or transaction were subsequently altered, it will produce a different digital signature. The network is highly vigilant towards a mismatch. Thus, the blockchain method makes fraudulent activities less likely and easier to spot.

 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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