March 2017 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.

 


March 2017 Current affairs
25 MAR
NEWS
24 MAR
NEWS
23 MAR
NEWS
22 MAR
NEWS
21 MAR
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20 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
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24 FEB
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23 FEB
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22 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

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



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