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Daily Current Affairs – 2020

Topic: For Prelims and Mains

Blockchain Technology

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 Technology:

  • 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.

Key facts:

  • 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.

‘Sahyog-Kaijin’:

  • It is a joint coast guard exercise between India and Japan.
  • The aim is to strengthen the bond between the two countries.
  • The latest edition is being held in India.

 

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