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Daily Current Affairs – 2020
Topic: For Prelims and Mains
Why in news?
A new Centre of Excellence (CoE) for Blockchain Technology was inaugurated by Union Minister for Law and Electronics and Information Technology in Bengaluru.
Blockchain is a secure, digitised and distributed ledger to store records.
Anything recorded on them cannot be deleted, and is instantly uploaded to all users on that
It is a decentralized, digitized, public ledger of each crypto currency transactions.
Continuously growing as complete blocks are recorded as well as added to it in the chronological order.
This technology allows market contributors to keep holistic track of digital currency transactions without single central record keeping.
Every single node (computer connected to a network) gets a copy of blockchain, which can be automatically downloaded.
Initially developed as the accounting method for a virtual currency Bitcoin, blockchain– that use what’s known as the technology of distributed ledger (DLT) – today are coming into view in a vast variety of commercial applications.
Primarily used to verify all deals, within the digital currencies, however; it is possible to digitize, insert and code almost any document into the blockchain.
Advantages of the technology:
As a public ledger system, blockchain records and validate each and every transaction made, which makes it secure and reliable.
All the transactions made are authorized by miners, which makes the transactions immutable and prevent it from the threat of hacking.
Blockchain technology discards the need of any third-party or central authority for peer-to -peer transactions.
It allows decentralization of the technology.
Fact For Prelims
Z Morh tunnel:
Govt awards over Rs 2000 cr for completing Z Morh tunnel.
The 6.5-kilometre long Z-Morh tunnel is located in Jammu and Kashmir.
The tunnel is capable of allowing 1,000 vehicles an hour at a speed of 80 km per hour.
Border Road Organization (BRO) was the previous implementation agency of the project.
The project was however transferred to IL&FS in 2016. APCO will now complete the balance work.
It is a joint coast guard exercise between India and Japan.
The aim is to strengthen the bond between the two countries.