Success of blockchain and bitcoin

Abstract

Block chain technology in today’s time changing the world of transactions and documentations. Mainly it gives a transparency to the numerous fields like electronic voting, cost analysis of product manufacturing, paying employees, cloud storage and smart contracts (the economist). Or we can say that these applications are the major pillors of a country which can be handled very efficiently with the help of blockchain technology. This paper explains the role of blockchain in bitcoin and will give the applications of blockchain In the field of transactions, governance, productions and documentation. The use of blockchain will reduce the use of third party and third party databases. The paper will give the relation of bitcoin and blockchain technology for improving the political aspects of country and reducing the dominating behaviour of the powerful persons and frauds in various fields by giving the transparency.