Bitcoin has been around for about seven years and it has achieved great heights in such a short span. While bitcoin is already being adopted by a considerable number of people across the world, the technology that powers bitcoin transactions has become a bigger hit. Blockchain technology is behind all bitcoin transactions. Blockchain is a secure and transparent ledger that records each and every transaction that happens over the bitcoin network. All transactions needs to be confirmed on blockchain and the entry recorded to ensure there is no double spending on fraudulent transactions. Apart from bitcoin transactional data, blockchain can also record non-transactional data.
Banks and Blockchains
Blockchain technology has found its way into various applications other than bitcoin transactions. The use of blockchain technology varies from simple laboratory data management applications to secure proprietary financial transaction tools dealing with banking and securities. Recently we have seen banks experimenting with blockchain technology to evaluate its use in their day to day operations. Few banks are already using Ripple network on an experimental basis while a group of international banks work on creating a proprietary blockchain, better known as federated blockchain. The federated blockchain is being created with plans to link