Internet has evolved a lot during these past years. This evolution is done in both shape and size. Internet is growing with a great rate and will lead to grow further. We can access various files and books from one place through internet. We can collect information and can sell or buy a product from one place. Banking and other type of any communication has now become very much easy with the help of internet.
Block chain is considered as the “the Internet of Value” because of the great achievement and it acts like a fountainhead of the digital assets. With the help of block chain, a person can exchange any of his or her assets over the globe in the real world. This asset could be anything valuable ranging from your stocks and relations or any bond connected to art and music. This is a great initiative toward the “The Internet of Value”. Money transfer is easy through this and this can be done in no time without the vault included in a third party application. They get directly transfer to the bank account without any waiting period. This medium also reduces the communication that is held during a transaction hand this reduces the cost to the minimum. This is considered as a very good platform for delivering the goods and services efficiently. This is a new revolution hand it also re defines the new age of the internet. Ranging from money to any kind of secure data, movement of anything or any transaction is now very easy. This can be any purchase from any supermarket or issuing of the Aadhar number. This basically works on three basic steps and these steps are:
- User has to provide data as a smart IDs that will be considered as there transaction IDs and will help them to make secure transaction.
- The data is received in parts or in block to make it secure so that anyone could not be able to understand it.
- To make is personal and confidential, cryptography is done across their network to make it accessible for further use.
This system of block chain can be implemented everywhere either it if related to banking or education. Health is also one thing on which this system can rely on to be a potential system in the sectors. This is a great platform to transform the education system and drive the economy to the digital inclusive society.