Blockchain is the technology from which cryptocurrencies such as Bitcoin and Ethereum are created. While blockchain technology is multifaceted, cryptocurrency is only a small part of it. New applications are being built in many areas using blockchain technology.
Once blockchain technology is fully utilized, centralized matters will become decentralized, such as the central bank losing control of money (even if it wants to), so much so that it is in the hands of the people to run the government or the country without the hands or participation of two or three people.
Suppose you send a photo to your friend online, in the process your friend only gets a copy of that photo, the original photo is on your computer. Even a duplicate photo doesn’t make much difference to your friend, just like any data from a computer is transferred from one to another.
But now you have to send money instead of a photo and when you send money you send a copy to your friend and if you have original money then that money cannot be used by your friend.
Online banking (eSewa, PayPal, or bank) lets you deduct money from your account and transfer it to a friend, which we call e-banking, and charge a fixed service fee, imagine how to send money online without any other bank?
Why pay e-services and PayPal? The money you sent was received by a friend, the money had to be taken away from you, and the friend had to use it in his own way, even without any intermediaries. Imagine for a second you were transposed into the karmic-driven world of Earl.
Blockchain is not just about handing out power to the general public, it can be used anywhere. Blockchain can be used wherever decentralization is needed or decentralization can be of greater interest.
Nepal Rastra Bank (NRB) published a public notice on July 13 stating that Bitcoin is illegal in Nepal and has informed the public not to do business. This article has been presented only as educational information.
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