The time we spend on the internet has been gradually increasing since decades. This might be due to the decrease in the prices of the data plans and a decrease in the prices of smartphone devices. Previously, we used to rely on the internet only, when there is a need. But no one would have estimated our dependence on it in the present day scenario. The way we bank has been transforming. Now This chain technology is going to replace the traditional banking methods.
In the blockchain technology, every transaction is considered a block. A group of blocks forms a blockchain. The technology which deals with this technology is known to be blockchain technology. Whenever a transaction is to be traced, the blocks can be accessed using a public key and a private key. The best thing is that all the transactions in this technology are transparent and cannot be altered. A private key enables an individual to track their own transactions. Now the stage has come where we have traveled from internet of use to internet of value. The new-age technology is moving towards this chain leaving all the hassles of the traditional banking aside.
This technology uses cryptography to make the data decentralized. The blockchain technology is written using the more complex codes and is much more secure than the present day net banking apps. The transaction involves cryptocurrency as well. When we transfer an amount from one account to other,there is an intervention of banks. But the blockchain involves cryptocurrency where the remittances take place instantly without third party involvement.