Blockchain

Blockchain is a type of distributed ledger technology (DLT) which allows data to be securely stored and shared among multiple users. It is a decentralised system, which means that no single entity has control over it. Instead, the data is stored across multiple computers, or “nodes,” which all have access to the same information.

A great example of a blockchain system is Bitcoin. In this system, a secure ledger is used to track the ownership of each Bitcoin, and the ledger is maintained by a vast network of users. Transactions are verified through a process called “mining,” which uses a mathematical formula to ensure the accuracy of the ledger. This process also serves to secure the system, since it is incredibly difficult to alter the ledger without consensus from all users.

Although primarily used for cryptocurrencies, blockchain technology has several potential use cases, such as: 

• Supply chain management: Blockchain can be used to track and verify the authenticity of products as they move through the supply chain, from raw materials to finished products.

• Voting systems: Blockchain can be used to create secure and transparent voting systems that can help prevent fraud and ensure accurate vote counting.

• Smart contracts: Blockchain can be used to create self-executing smart contracts that automate the process of enforcing contractual obligations.

• Energy trading: Blockchain can be used to create peer-to-peer energy trading platforms that allow individuals and businesses to trade renewable energy credits and reduce their carbon footprint.

• Healthcare: Blockchain can be used to securely store and share patient medical records, which can help improve patient outcomes and reduce healthcare costs.