An Overview of Blockchain, its Mechanism, and its Revolutionary Influence on India

Abstract

This paper offers an insight to blockchain and its mechanisims. The blockchain methodology has been broken into parts for easier understanding. This paper also depicts the corelation and risk and returns of 5 major cryptocurrencies, this forming a part of primary formulation. The risk and return graph will help in interpreting which of those 5 cryptocurrencies are the major investment gems.The concept of mining has also been covered in brief. Moreover this paper also highlights the pros and cons of the blockchain mechanism. India with and without blockchain is compared. Furthermore the impacts and advantages to the Indian economy are listed, this forming a part of secondary source of methodology. Upon formulation it becomes clear that the 5 cryptocurrencies have a positive corelation and are highly corelated to each other.