By blockchain technology, users can transact without the approval of a central authority. This enables the importance of cryptocurrency. It’s a medium used for exchange and stored electronically. This carried out by using encryption technique. Best known example for cryptocurrency is bitcoin. It doesn't have intrinsic value, that is it can't be redeemed for any other goods like gold. No physical form is present, it only exists in network. Block chain works when someone asks for a transaction and its benefits include accurate tracking, high transparency, cost reduction and permanent ledger. More than bitcoin, it has so many potential applications in Automotive, voting, healthcare, financial services etc. Types of block chains are public which are open and decentralized networks, accessible to anyone requesting a transaction. Examples are Ethereum and bitcoin. Private, hybrid or consortium and side chains are other types. More details can be explained from the presentation slides.

Dency Varghese

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