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.
- The latest edition is being held in India.