Blockchain Technology: Basic Facts

Definition

  • Blockchain was made popular in 2008 by a person (or group of individuals) using the alias "Satoshi Nakamoto" to operate as the public transaction log for the cryptocurrency bitcoin.​

  • The core technology that powers Bitcoin may be separated, though, as the world swiftly realized. It is a highly decentralized and secure platform.

  • But what is Blockchain? It is a network of peer-to-peer nodes, or blocks, joined by cryptography, that maintains transactional records in a shared database.

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Benefits

  • At the administration level, blockchain is already frequently used for notarization, diplomas and education credentials, managing digital identity system, and trusted data sharing.

  • However, it has the potential to do much more. This technology may assist with data management, operations, and minimize fraud, waste, and abuse in government services while also increasing administrative trust and accountability.

  • Blockchain is a suitable solution for service delivery domains such as healthcare, property and land records, smart contracts, accountability, and supply chain because to its security qualities.

  • It could even be used to facilitate a modern voting system.