Established in the year 2016, we are an emerging chartered accountancy firm based in Bengaluru rendering comprehensive professional services which include audit, management consultancy, tax consultancy, accounting services and secretarial services.

Quote of the Day: "Greatness comes by doing a few small and smart things each and every day... it comes from taking little steps, consistently"

Monday, 11 December 2017

Quick Insights to Blockchain Technology

A blockchain is just a database for recording transactions-and the same database is copied to all the computers in a participating network. In short, blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It’s a distributed database.
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared- and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.A blockchain is thus called to as a ‘distributed ledger’. Data in a blockchain is stored in fixed structures called ‘blocks’. The important parts of a block are:
its header, which includes metadata, such as a unique block reference number, the time the block was created and a link back to the previous block
its content, usually a validated list of digital assets and instruction statements, such as transactions made, their amounts and the addresses of the parties to those transactions.

Here's How Bitcoin Blockchain Works

“blockchain enables two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then 'chained' to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so.  If everyone in the process is pre-selected, the ledger is termed 'permissioned'.”- Sunny Ray, Unocoin.

The USP of blockchain is that it allows two parties to execute a transaction without any intermediary. Blockchain allows financial institutions to execute and verify transactions discretely without any human intervention. The electronic ledger of transactions is continuously maintained and verified in 'blocks' of records. With the help of cryptography, the tamper-proof ledger is shared between parties on computer servers.

Source: Deloitte, Business Today, VCCircle. Compliled and presented by:  Preetham Shetty & Co. Chartered Accountants

18 comments:

  1. This comment has been removed by the author.

    ReplyDelete
  2. Thanks for your insight for your fantastic posting. I’m glad I have taken the time to see this. bitcoin shorts vs longs

    ReplyDelete
  3. Oh my goodness! an incredible article dude. Thanks a lot Nevertheless I’m experiencing problem with ur rss . Don’t know why Cannot subscribe to it. Can there be everyone finding identical rss dilemma? Anyone who knows kindly respond. Thnkx https://royalcbd.com/product/cbd-capsules-25mg/

    ReplyDelete

  4. It is really a great work and the way in which you are sharing the knowledge is excellent.Thanks for your informative article
    Blockchain Technology

    ReplyDelete
  5. Great share!

    Loved all that you shared, and you are right, one cannot deny the power of Google. For more Information or any help then visit now at Sand Blasting Machine, Shot Blasting Machine, Sand Blasting Machine for Sale, Sand Blasting Machine Manufacturer, and Small Sand Blasting Machine.

    Keep it works and share with us your latest information. In your post sand blasting machine manufacturer in India that are very useful for me. I understand the way of the attractive to the customer with the products.

    They are similar to small communities that you own - check them out if you haven't already.It's all got a lot better than before!t.

    Thanks for sharing. Have a nice week ahead.

    Visit at : www.blaster.co.in

    Also Check
    Portable Sand Blasting Machine
    Portable Shot Blasting Machine
    Shot Blasting Machine
    Portable Grit Blasting Machine
    Grit Blasting Machine


    Regards,
    Purnima Sharma.

    ReplyDelete
  6. Great share!

    I love this bucket list and you know you're right. sand blasting machine manufacturer. We all have the same amount of hours in a day so put them to good use. We all have to start somewhere and your plan is perfect. I understand the way of the attractive to the customer with the products sand blasting machine.

    Sand blasting machines like shot blasting machine, sand blasting machine, and grit blasting machines, Wood Working Machinery Dust Extraction unit, Abrasive Blasting Media and various others. Keep it works and share with us your latest information. My time will come but I know I'm on the right path.

    They are similar to small communities that you own - check them out if you haven't already. It's all got a lot better than before!t. Value that list of thousands but I'll get there.

    Thanks for sharing. Have a nice week ahead.
    Visit at : www.gritblast.co.in

    Also check
    portable shot blasting machine
    portable sand blasting machine
    sand blasting cabinet
    grit blasting cabinet
    shot blasting cabinet

    Regards,
    Ankit Manawat.

    ReplyDelete
  7. You have worked nicely with your insights. Lots of valuable data can be taken from your article. Genuinely it is a significant article for us. Ethereum blockchain certification

    ReplyDelete
  8. If you are looking for more information about flat rate locksmith Las Vegas check that right away. look for info

    ReplyDelete
  9. Kraken is one of the most established crypto currency trade stage. kraken is the greatest trade as far as volume and liquidity for EUR exchanging sets. AAX Referral Code

    ReplyDelete
  10. Most importantly one should know that a technician does a quality job, which is not the case when you call up a computer savvy friend instead to fix up your computer. see more here

    ReplyDelete
  11. It is better for users to do a lot of research before investing the money. OKX Referral code NEW100

    ReplyDelete
  12. I am very thankful to you that you have shared this information with us. Read more info about Crypto Exchange. I got some different kind of knowledge from your web page, and it is really helpful for everyone. Thanks for share it.

    ReplyDelete
  13. Moreover, the web-based platforms are now available on desktop computers as well as laptops, tablets and mobile phones which increase the trading access. binary options trading

    ReplyDelete
  14. You are giving such interesting information. It is great and beneficial info for us, I really enjoyed reading it. Thankful to you for sharing an article like this.exodus wallet canada

    ReplyDelete
  15. Really appreciate you sharing this article. Thanks Again. Really Great.Blockchain instagram

    ReplyDelete
  16. Amazing post, thanks for sharing such an informative article. Useful and interesting. Take look at this too cryptocurrency transaction monitoring. Thanks!

    ReplyDelete