RBI announced the establishment of a committee to study Blockchain technology

Q.  RBI governor HR Khan announced a committee to study which technology?
- Published on 01 Jul 16

a. Information
b. Blockfield
c. Blockchain
d. Bioinformatics

ANSWER: Blockchain
 
RBI Governor HR Khan on 24th June 2016 announced the establishment of a committee to study blockchain technology
  • The technology will be used to reduce the use of paper currency.
  • The Blockchain database consists of blocks that hold time-stamped batches of valid transactions.
  • Then, digital records are put together into blocks and then leaped together cryptographically and chronologically into a chain using complex mathematical algorithms. The encryption process is termed as ‘hashing’.
  • The linked blocks form a chain, with each additional block reinforcing those before it, thus giving the technology its name.

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