Some are calling blockchain the next Internet, saying that it holds the promise to disrupt (and hopefully improve) our lives in ways we canât even imagine. While thereâs a healthy dose of hype fueling that statement, thereâs also enough potential to merit giving blockchain a closer look.
Blockchain is digital ledger technology developed in 2008 that underpins Bitcoin, although its uses go far beyond cryptocurrency. The name describes how this database of transactions works.
Each cell is a timestamped âblockâ that connects to the cell before it, creating a chain of blocks that canât be edited or deleted. A blockchain can be public or private and does not store any type of data.
Instead it certifies the existence of a specific piece of information â a health record, a vote, a loan agreement, or a digital identity, for example. The technology is revolutionary because it allows, for the first time, a digital asset to be securely transferred from one party to another in near real time, without the need for a third-party intermediary.
âThe technology provides a way of recording transactions or any digital interaction in a way that is secure, transparent, highly resistant to outages, auditable, and efficient,â said David Schatsky, Managing Director at Deloitte U.S., in a recent article. In a race to bring blockchain to capital markets, financial services and technology firms around the globe invested more than $1 billion in the disruptive technology in 2016. Read more from informationweek.com…
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