Blockchain technology is now becoming popular all over the world. In line with the times, it is time for Bangladesh to work with blockchain technology. But before that we need to know are we ready to adopt new technology?

Blockchain is being called a modern innovation. One or more individuals or groups under the pseudonym 'Satoshi Nakamato' are the inventors of this technology. Since the first Bitcoin software was released in 2009, blockchain technology has evolved a lot. Digitally distributing information (not copying) This blockchain technology has created a new kind of Internet. Although blockchain was invented only for digital currency Bitcoin, its feasibility is now being explored in various fields of technology.

Let me say at the outset that blockchain is a secure and open way to store information. In this method the data is stored in different blocks one after the other in the form of a chain. It is an irreversible digital transaction that does not only apply to economic transactions. Any operation can be recorded using this technology. It is a distributable database that records all transactions between the participating parties. Each transaction is again verified by the majority of the system. Once any information is entered into the laser, it remains permanently and can never be deleted. Blockchain consists of verifiable records of each single transaction. This built-in technology works perfectly and can be applied to a variety of tasks.

Since blockchain technology can be used to verify small digital information without compromising the security of digital information, it is possible to bring about a radical change in the digital world by applying it. An important application of blockchain technology is the 'smart contract'. It is basically a computer program that can automatically execute the terms of a contract. Another reliable application is the control of property ownership using this smart agreement, which is called 'smart property'.

Blockchain technology databases are distributed and universal. It is not located or stored in any single place. That is, the records it contains are truly for everyone and easily verifiable. It is also free from the risk of hacking as there is no central version. Blockchain databases work depending on the majority. At the same time, every transaction is automatically verified every ten minutes. These transactions are called blocks one by one. That is, the integrity or accuracy of a database cannot be compromised by altering the information in any one part. This maintains transparency.

As blockchain technology becomes decentralized, many sequential tasks come together. For example, stock market transactions can occur simultaneously using this technology; Or, land registration records can be made much more accessible to the public.

The Indian state of Maharashtra has announced the use of blockchain technology to launch e-governance. This technology requires a cloud-computing platform. The Maharashtra government says it will use the public cloud. This will create a 200 million market and save the government a lot of money as all government data is transferred to the cloud. Due to the use of blockchain, there will be security and transparency of information.

Is it not possible to work with this blockchain technology in Bangladesh? The right time has come. But before starting work, you have to change your mentality. If we can't let go of the centralized control system mentality, then this technology won't work.

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