Why does India not use blockchain technology

Blockchain ... explained in less than 100 words

Surely it is more complicated?

Yes - but not so much as a pure concept. Rather, it becomes more complex in the implementation and when it comes to creating value from the implementation. The above example will of course seem overly simplistic to some - but can serve as a starting point for others.

Act in a traditional setting trusted third party as intermediaries for financial transactions. If you want to send money overseas, you will do so through an intermediary (usually a bank). The transfer is then usually not made immediately (but takes up to 3 days) and the intermediary charges a commission in the form of a foreign exchange conversion fee or other fees.

The original Blockchain is an open source technology used for cryptocurrency transfers Bitcoin offers an alternative to the traditional intermediary. The intermediary is through the collective verification of the ecosystem which offers an extremely high degree of traceability, security and speed.

In the example above (a "public blockchain") there are multiple versions of them as" nodes "in a network, acting both as executors of transactions and as miners at the same time. The transactions are collected as blocks before they are added to the block chain (the literal meaning of" block chain "). The miners receive Bitcoin compensation based on the computation time it takes to a) determine whether the transaction is valid, and b) find out which is the correct mathematical key to use the block of transactions the correct position in the open ledger. The more transactions are carried out, the more Bitcoins flow into the virtual money supply. The "compensation" that the miners receive is reduced every four years until Bitcoin production finally stops (although According to estimates, this will not be before 2140!) Although the original blockchain was supposed to be used to manage Bitcoin, of course ch other virtual currencies, such as ether, can be used.