Blockchain Technology – the Century’s Revolutionary Invention
So, you’ve been hearing a lot about blockchain recently and how it’s such a big deal for
everyone. You may be wondering – “what’s all the fuss all about anyways”? Well, you’ll
understand in the next few minutes.
What exactly is this blockchain?
Expressed in the dumbest of fashions, blockchain is a system that allows you to create and record
digital transactions (called “blocks”), which are chronologically arranged to form a “chain” that
is visible to all relevant members of the network, while keeping all records safe and unhackable
at all times. Sounds simple? Well, not so much. It is actually a complex system built upon
several layers of codes inspired by cryptography. Although this technology is currently most
common in the finance industry, it can also be effectively applied in the energy, healthcare, law
and defense sectors.
How exactly is it going to change the world?
Just take a minute break and think about all the various data sets that exist, be it offline or online,
including various contracts information, whether work-related or from your personal life. Now,
imagine all the complex processes involved in the processing of such data, which include
analyzing, cross-referencing, identity verifications, ownership checks and so on. Each of these
