{"id":66397,"date":"2020-10-15T13:30:53","date_gmt":"2020-10-15T08:00:53","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=66397"},"modified":"2022-02-19T17:44:49","modified_gmt":"2022-02-19T12:14:49","slug":"blockchain-technology-4","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/blockchain-technology-4\/","title":{"rendered":"Blockchain\u00a0technology"},"content":{"rendered":"

Blockchain<\/span><\/b> is a shared structure, having immutable ledger for recording transactions, tracking assets and building trust through several databases, known as chains, in a network connected through peer-to-peer nodes. <\/span>\u00a0<\/span><\/p>\n

All network participants<\/span><\/b>\u00a0in the blockchain have access to the distributed ledger and its immutable record of transactions.\u00a0<\/span>As it is a shared ledger<\/span>, it\u00a0<\/span>is public that<\/span>\u00a0can be inspected by\u00a0<\/span>anyone<\/span>.<\/span> Transactions are recorded only once, eliminating the duplication of effort.<\/span>\u00a0<\/span><\/p>\n

Cryptocurrency<\/span><\/b> is just one of the many applications of Blockchain technology.<\/span>\u00a0Other major applications include Smart Contracts, Cloud Storage, Supply-Chain Communications & Proof-of-Provenance<\/span>,\u00a0<\/span>Electronic<\/span>\u00a0Voting among others.<\/span>\u00a0\u00b7<\/span>\u00a0<\/span><\/p>\n

The use of Blockchain technology is <\/span>neither barred nor regulated<\/span><\/b>. It is a peer-to-peer network consisting of computers, known as nodes, which employs algorithms to validate the transaction and the user\u2019s status.<\/span>\u00a0Getting a\u00a0<\/span>patent\u00a0<\/span><\/b>on it is similar to getting a software patent based on an abstract idea\/algorithm. Further,\u00a0<\/span>Section 3(k) of the India <\/span><\/b>P<\/span><\/b>atent<\/span><\/b>s<\/span><\/b>\u00a0<\/span><\/b>A<\/span><\/b>ct<\/span><\/b>\u00a01970<\/span><\/b>\u00a0<\/span><\/b>describes that\u00a0<\/span>\u2018<\/span>there is no patent on the invention of any mathematical or business method or the computer programme or <\/span>algorithms<\/span>.<\/span>\u00a0Therefore<\/span>,<\/span> applications that depend on the basic features of blockchain can be developed without anybody’s permission<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Blockchain is a shared structure, having immutable ledger for recording transactions, tracking assets and building trust through several databases, known as chains, in a network connected through peer-to-peer nodes. \u00a0 All network participants\u00a0in the blockchain have access to the distributed ledger and its immutable record of transactions.\u00a0As it is a shared ledger, it\u00a0is public that\u00a0can… Continue reading Blockchain\u00a0technology<\/span><\/a><\/p>\n","protected":false},"author":10308,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1227],"tags":[],"class_list":["post-66397","post","type-post","status-publish","format-standard","hentry","category-science-and-technology","entry"],"jetpack_featured_media_url":"","views":{"total":73,"cached_at":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/66397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10308"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=66397"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/66397\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=66397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=66397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=66397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}