Hello all #LEO Lovers and #Hive Friends
Blockchain technology is one of the best technology of the current time and has the ability to do revolutionary changes in our lives. This technology was come in light when the Satoshi Nakamoto invented Bitcoin and name the shortest part Satoshi. To understand the benefits form the Blockchain first we have to understand how it works. Basically the Blockchain is a digital ledger, which record the data in digital format. The transection or contracts stored in digital format in block and the blocks, with each new block becoming the first part of the subsequent entry. The name Blockchain comes form this only Block and chain. The technology is secure, temper proof , fast and happened in real time. The Blockchain is decentralized which means it is not controlled by any centralized agency or user. The dats get stored on different computers and on different location. Mostly the people get confused and corelate the blockchain as way to mined the cryptocurrency. But the crypto or token are just the rewards people get by mining. The blockchain is way beyond the mining and cryptocurrencies.
In India the government does not look in favor of the cryptocurrencies and blockchain as some developments by government and the policies created for the crypto words are not to promote it but created a demotivated environment. The high tax on crypto earning created a major effect on users and many exchanges shifted for India to other centuries because of the unfavorable policies.
The Blockchain as I mentioned is revolutionary development which has the capability to change the many problems around us. The Blockchain is Transparent, Scalable and Decentralized. These characteristics of the blockchain can be used in many sectors. In today world the corruption is the major problem across many countries and in India also. Many sectors like real estate, politics, medical are most corrupted. The transections done on the blockchain are the available to all which may helps in reducing the corruption. The transparency nature can solve this big issue. The payment data and the registration of land can easy managed on blockchain. Linking the voting system with blockchain can also helps in fraud voting and efficient counting of same.
The technology is also a job creator. Many young developers may get benefit form this opportunity. Along with solving the problem using the technology they can help in building the nation.
The trading in crypto also a big source of income for the government. The taxation on trading can help the government and the money may be used for the development of the country but first the taxation should be resalable value.
Other then above the medical sector and the supply chain management also has big scope for the blockchain technology. The major hurdle for not implementation of Blockchain in different sectors is Government itself. The way Government imposing new laws and taxation it seems like they do not want to encourage the technology.
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