Block chain for Pakistan


Ibrar Ali Samo
Block chain is a specific type of database .A database is a collection of information that is stored electronically on a computer system . Block chain was first outlined in 1991 by stuart Haber and W. Scotte stornetta .A block chain differs from a typical database in the way it stores information .block chain store data in block that are then chained together , As new data comes in it is entered into fresh block , once the block is filled with data ,it is chained onto the previous block which makes data in chronological order. The most common use of block chain so far has been as a ledger of block chain there is hash code and password with mathematical notations and numbers which is used for more security of account . In block chain each node has a full record of data that has been stored on the block chain since it’s inception. Block chain technology accounts for the issues of security and trust in several ways ,that is they are always added to the ” end ” of the block chain , you will see that each block has a position on the chain called a” height” , as of November 2020 the block’s height had reached 656197 block so far , after a block has been added to the end of the block chain it is very difficult to go back and alter the contents of the block unless the majority reached a consensus to do so, that’s because each block contain it’s own hash along with the hash of block before it, as well as the previously mentioned time stamp. Currently there is a vast variety of block chain based projects looking to implement block chain in ways to help society other than just recording transaction . One good example is that if block chain being used as a vote in democratic elections , the nature of block chains immutability means that fraudulent voting would become for more difficult to occurr. As we now know block’s on bitcoins block chain store data about monetary transaction .but it turns out that block chain is actually a reliable way of storing data about other types of transaction ,as well.some companies that have already incorporated block chain include Walmart, pfizer, AIG, Siemens , Unilever and a host of others , for example IBM has created it’s food trust block chain to trace the journey that food products take to get to it’s locations. Because the food industry has seen countless out breaks of e coli, salmonella , listeria as well as hazardous materials being accidentally introduced to foods .in past it has taken weeks to find source of these out breaks or the cause of sickness from what people are eating. If a food is found to be contaminated then it can be traced all the way back through each stop to it’s origin. By integrating block chain banks consumer can see their transaction processed in as little as 10 minutes .with block chain banks also have the opportunity to exchange funds between institutions more quickly and securily . Block chain forms bedrock for crypto currencies like Bitcoin . The US dollar is controlled by the federal reserve, under this central authority , a users data and currency are technically at the whim of their bank or government. By spreading it’s operations across a network of computer block chain allows bit coin and other crypto currency to operate without the need for central authority.this not only reduces risk but also eliminate money of the processing and transaction fees , it can also give those in countries with unstable currencies or financial infrastructure a more stable currency with more applications and a wider network of individuals and institutions they can do business with both domestically and internationaly .we can Also collect the data of health care , records of property, smart contracts , supply chain and voting.