Current Affairs – 15 Feb 2018 – History Of blockchain Technology
In 1991, Stuart Haber, W Scott Stornette did the first work on cryptography and after one year In 1992, Bayer, Haber and Storneta improved its design. This allows multiple blocks to be collected in one block.
The first blockchain was used by a person or group of Satoshi Kamamoto in 2008 for the cryptocurrency. In 2016 the Central Security Council of the Russian Federation announced a pilot project based on the blockchain platform.
Use Of Blockchain Technology
Apart from cryptocurrency and financial transactions, this technique can also be used to secure legal papers, health statistics, notary and private documents.
The blockchain is also used to maintain subsidy distribution, geo record regulation and accounting for government schemes.
This technology can also be used in cloud storage, digital identities, smart contracts, and digital voting.
Now property dealers are using blockchain technology to rent commercial properties in many places in the world. Transparent and secure platforms are being provided to teachers and students, through blockchain technology.
Benefits of using blockchain technology
1. Reduction in tax avoidance
2. Stop forged currency and black money
4. Reduce risk of cash handling
5. Help in cash management in the economy
6. Right financial inclusion
7. Transaction record
IT act of India
Indian Penal Code, 1860
Indian evidence act, 1872
Banking evidence law, 1891
Reserve Bank Act, 1934