Applications of Blockchain Technology in the Rural and Economic Sectors in India

Abstract

Blockchain Technology The term ‘blockchain technology’ typically refers to the transparent, trust enabled, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption and consensus methods. The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government, but is governed by the participants in the network itself. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes. The Bitcoin Network is the first successful implementation of “public blockchain”.