2024 Elections on BLOCKCHAIN?
Updated: Jan 11
In todays World we are able to See the rise of Cryptocurrencies and most recently we have heard about RBI Digital Currency on blockchain technology and now we are gearing up for 2024 elections on blockchain.If we are an IT professional we know what is it,but an NON-IT backgrounds we just tend to buy a crypto-currency or hear a news but we usually don't know what is the technology working behind it?
BLOCKHAIN is a network of blocks that facilitates process of recording of transactions, storing of information,tracking assets in a business network in a decentralised manner.
Perhaps after 2008 global financial crisis a person or an entity named Satoshi Nakamoto developed this technology.
Components of Block?
Data which is filled with information.
Each block has unique fingerprint which is called Hash.
Hash of the previous block.
Key elements of a Blockchain?
No participant can change or Tamper with a transaction after it has been recorded,otherwise hash of all blocks gets changed thus preventing anyone from changing.If we want to change the data,then we have to enter a new transaction and both the transaction become visible in the shared ledger.
Distributed Ledger technology:-
All the network participants in the blockchain network have access to distributable ledger and immutable records of a transaction.
Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined conditions of the contracts are met.
How Block chain works?
As soon as the transactions occurs it records as a block of data.
All the computers connected to the network are called nodes and some nodes are called minors and whenever new data is added to the blockchain,it is the work of the minors to verify it.
Each block is connected with one before and after it and each block contains hash of block before it,so anyone if tampers the data of block the hash changes and therefore it is not possible.
Transactions are blocked together in an irreversible chain.
Practical Life Examples:-
ELECTIONS USING BLOCKCHAIN:
India 2019 Lok Sabha elections was the largest elections in the world but in coming 2024 Lok Sabha elections would going to be different and it will involve block chain technology as said by chief election commissioner as Election commission of India and IIT madras is doing a Blockchain project.
Sierra Leone was the first country to Conduct voting through technology of Block chain.
Russia launched a blockchain based electronic voting system and Tsukuba became the first Japaneese City to introduce blockchain digital voting.
According to world economic forum,upto 10% of the global GDP will be stored on blockchain by 2025. Government of India launched a National Digital health mission(NDHM) to digitize the health care records across the country. Blockchain can also solve Losing medical data,quick and easy access of data.
CRYPTOCURRENCIES AND RBI DIGITAL CURRENCY:-
Cryptocurrency is a medium of eexchange,created and stored electronically in the blockchain,using encryption techniques to control the creation of monetary units and to verify the transfer of funds.Bitcoin is the best example.