Finance Minister Nirmala Sitharaman announced during the budget speech that India will soon have its own digital currency using blockchain technology.
What is Blockchain?
It is a decentralised system used for recording information in the most secure way. Every block in the chain consists of a number of transactions, and each time a new transaction occurs, a record is added to every user’s ledger.
What is digital currency?
It is a money-like asset that is managed, stored and exchanged on digital computer systems. These currencies like cryptocurrency, virtual currency is traded by users over the internet all across the globe. Blockchain is the underlying technology used for these transactions.
Nowadays, more and more people are investing in cryptocurrencies as it is a great long-term investment.
