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Supreme Court has lifted ban on trading in cryptocurrency by cancelling the Reserve Bank of India’s(RBI) circular in 2018. The Cryptocurrency runs on which Technology?
- a)Cloud Compute
- b)Cyber Tech
- c)Artificial Intelligence
- d)Blockchain
- e)Internet of Things
Correct answer is option 'D'. Can you explain this answer?
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Supreme Court has lifted ban on trading in cryptocurrency by cancellin...
Supreme Court (SC) has lifted ban on trading in virtual currency, cryptocurrency and bitcoins by cancelling the Reserve Bank of India (RBI) 2018 circular that barred banks from serving companies dealing in cryptocurrency exchanges. The decision in this regard has been taken by the three-judge Bench headed by Justice Rohinton Fali Nariman. Cryptocurrency is used to move money between bank and a client which usually runs on a blockchain technology. Blockchain is a type of Distributed Ledger Technology (DLT).
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Understanding Cryptocurrency Technology
Cryptocurrency operates primarily on a technology known as blockchain. This decentralized ledger technology is fundamental to how cryptocurrencies function and offers a range of benefits.
What is Blockchain?
- Blockchain is a distributed ledger that records all transactions across a network of computers.
- Each transaction is grouped into a block, which is then linked to the previous block, forming a chain.
- This structure ensures that once a block is added to the chain, it cannot be altered or deleted, enhancing security and transparency.
Key Features of Blockchain in Cryptocurrencies
- Decentralization: Unlike traditional currencies, which are controlled by central banks, cryptocurrencies operate on a decentralized network. This means no single entity has control, reducing the risk of manipulation.
- Security: The cryptographic algorithms used in blockchain technology make it extremely secure. Transactions are encrypted and verified by network participants, minimizing the chances of fraud.
- Transparency: All transactions are recorded on the blockchain and are publicly accessible. This transparency helps build trust among users as they can verify transactions independently.
- Immutability: Once data is added to the blockchain, it is nearly impossible to alter. This immutability protects against tampering and fraud.
Conclusion
In summary, cryptocurrencies utilize blockchain technology to ensure security, transparency, and decentralization. This innovative technology underpins the entire ecosystem of digital currencies and is a key reason for their rise in popularity and use. Understanding blockchain is essential for anyone looking to engage with cryptocurrencies effectively.
Cryptocurrency operates primarily on a technology known as blockchain. This decentralized ledger technology is fundamental to how cryptocurrencies function and offers a range of benefits.
What is Blockchain?
- Blockchain is a distributed ledger that records all transactions across a network of computers.
- Each transaction is grouped into a block, which is then linked to the previous block, forming a chain.
- This structure ensures that once a block is added to the chain, it cannot be altered or deleted, enhancing security and transparency.
Key Features of Blockchain in Cryptocurrencies
- Decentralization: Unlike traditional currencies, which are controlled by central banks, cryptocurrencies operate on a decentralized network. This means no single entity has control, reducing the risk of manipulation.
- Security: The cryptographic algorithms used in blockchain technology make it extremely secure. Transactions are encrypted and verified by network participants, minimizing the chances of fraud.
- Transparency: All transactions are recorded on the blockchain and are publicly accessible. This transparency helps build trust among users as they can verify transactions independently.
- Immutability: Once data is added to the blockchain, it is nearly impossible to alter. This immutability protects against tampering and fraud.
Conclusion
In summary, cryptocurrencies utilize blockchain technology to ensure security, transparency, and decentralization. This innovative technology underpins the entire ecosystem of digital currencies and is a key reason for their rise in popularity and use. Understanding blockchain is essential for anyone looking to engage with cryptocurrencies effectively.
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Supreme Court has lifted ban on trading in cryptocurrency by cancelling the Reserve Bank of India’s(RBI) circular in 2018. The Cryptocurrency runs on which Technology?a)Cloud Computeb)Cyber Techc)Artificial Intelligenced)Blockchaine)Internet of ThingsCorrect answer is option 'D'. Can you explain this answer?
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