The Revolutionary Blockchain
What is the meaning of Blockchain?
The blockchain technology is a technology for trust and transparency. It is a technology that underlies cryptocurrency and has the potential to disrupt a wide variety of transactions and processes beyond the traditional systems. It is a decentralized ledger, or list, of all transactions across a peer-to-peer network.
Extract from Report of UK Government
“In distributed ledger technology, we may be witnessing one of those potential explosions of creative potential that catalyse exceptional levels of innovation. The technology could prove to have the capacity to deliver a new kind of trust to a wide range of services. As we have seen open data revolutionise the citizen’s relationship with the state, so may the visibility in these technologies reform our financial markets, supply chains, consumer and business-to-business services, and publicly-held registers”.
In summary, distributed ledger technology provides the framework for government to reduce fraud, corruption, error and the cost of paper-intensive processes. It has the potential to redefine the relationship between government and the citizen in terms of data sharing, transparency and trust. It has similar possibilities for the private sector.
Why is it Revolutionary?
- It is the first native digital medium for peer to peer value exchange.
- Its protocol establishes the rules—in the form of globally distributed computations and heavy duty encryption—that ensure the integrity of the data traded among billions of devices without going through a trusted third party.
- Trust is hard-coded into the platform. That’s why we call it the Trust Protocol.
- It acts as a ledger of accounts, a database, a notary, a sentry, and clearing house, all by consensus.
- Every business, institution, government, and individual can benefit in profound ways. The blockchain is already disrupting the financial services industry.
- This technology represents nothing less than the second generation of the Internet, and it holds the potential to transform money, business, government and society as it can work for almost every type of transaction involving value, including money, goods and property.
- Its potential uses are almost limitless: from collecting taxes to enabling migrants to send money back to family in countries where banking is difficult.
- Blockchain could also help to reduce fraud because every transaction would be recorded and distributed on a public ledger for anyone to see.