BlockChain Technology
Blockchain is a latest technology for banking system firstly it used in 2008 for cryptocurrency (Bit Coin). It works like as a public ledger any body can host it. If we write any data in blockchain it can never change and for security purpose blockchain can't be hack so many countries work on it for banking this technology is higher level of transparency anyone can see other user entries but undoubtedly no one can alter it
How Does a Blockchain work: A Step by Step View
1. A user request -----------2.A block representing the----------3.The block is broadcasted
for a transaction ---- ----- the transaction is created --------to all the nods of the network
4. All the nodes validate ------------5.The block is added--------- ---6. The transaction gets
the block and the transaction-------- to the chain --------------------verified and executed
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