Introduction of Block Chain
Blockchain technology has been increasing day by day for the last few years. Many people are confused between bitcoin and blockchain, but both technologies are different. Basically, these two technologies are cryptocurrencies and develop a craze among people for the initial coin offering. There is a misconception that for those who want to work with blockchain there is a need for cryptocurrency.
Bitcoin in Blockchain
A person named “Satoshi Nakamoto” published a white paper in October 2008. That paper is called “Bitcoin”. Bitcoin normally means a cash system that works on the principle of peer-to-peer networks. In 2009 he released another version of bitcoin known as the “0.1 version”. No government backed it but still, it was like a digital product. People start trading it for goods and services.
Initially, it is equal to 10$, later on, in 2013 it was equal to $100. In late 2013 it reached over $1000, and in 2017 it approached $500. The time arrived when attackers start demanding payment in Bitcoin. A man named Laszlo Hanyecz bought two Pizzas for the very first time with 10000 bitcoins in 2010.
Bitcoin became a foundation due to its buzz that foundation was named blockchain. Blockchain technology has been increasing day by day for the last few years. Many people are confused between bitcoin and blockchain, but both technologies are different. Basically, these two technologies are cryptocurrencies and develop a craze among people for the initial coin offering. There is a misconception that for those who want to work with blockchain there is a need for cryptocurrency.
Some new platforms are used these days for the development of blockchain; those platforms are a source of forward-thinking quality for software professionals on grounds of innovation. Now block chain quality and software quality has commonplace in this modern world of technology.
In early 1975 a man at the Xerox parc predicts about the paperless office, that man was “George Pake”. In the 1990s many documents were begun to be stored digitally, in 2003 it is observed that the cost of digitally storing any document is 150 times less than the printing cost of that document.
According to research changing digital files is much easier than manual ones. The digital files have validity and integrity. The blockchain basically originated when two researchers tried to time-stamp documents. Afterward, the technique improved gradually. The technology work for the bitcoin could be used in other types of cooperation either organizational or inter-organizational. The key point that is important to understand is that bitcoin and blockchain are two separate things.
Additionally, the use of blockchain in cryptocurrency, the blockchain is beneficial in a huge variety of products and services. The main effort is to maintain a trustable relationship without the interference of any third party; the third party could be the government, bank, military, etc.
“Smart contracts” is a way to deal through blockchain; it is a way to scale out the blockchain-based systems. Implementing blockchain-based systems in a less computational way is a difficult task but the important one.
A blockchain is a digital ledger (ledger is a record of transactions) that is sharable, it is impossible to change it after the recording and verification process of any transaction. It is mainly carried by the algorithms, the algorithms are handled by the software, and the details of the transaction are handled by the ledger. All three parties involved in the transaction have a copy of the ledger but still, there is no chance to virtually alter the ledger.
Blockchain and Islam
A young Muslim Metakawn, who is discovered metaverse is directed to include the Holy Quran in the blockchain. Metakawn launches its Metakawn Huffaz Club which is its first NFT collection. The basic concept of its collection is Huffaz women and men, NFT speaks for modern Muslims having 6348 collections.
In this study, there is some resemblance between the system of Blockchain and retaining the Quran. it has 6.348 total icons which are kept in touch with the total sum of ayats in the Holy Quran. it has a wide range of categories by its ambassadors in order to power it, amabassorrs from worldwide participate in it. the purpose of all ambassadors is to buildup relationships with the audience by highlighting the success stories of modern and young Muslims.