Blockchain refers to a digital ledger, which provides a
completely secure way of recording transactions, contracts, agreements that
require to be recorded and verified to have taken place. However, the database is
shared across varied network of computers. The network can further encompass a
few handfuls of users, or a thousand people. The ledger thus is storage of a
long list of transactions taken place since the advent of network and only gets
bigger with time.
How is it used?
Blockchain runs essentially on specialized software, which
automatically distributes information to database when new transactions are
made. Most of the individual users do not see a blockchain performing and this
nature means there is no time for altering a transaction before it gets
recorded in the ledger.
What is blockchain
used for?
Blockchain technology
has been prevalent for few years now and its best use as of now is Bitcoin, a
virtual currency that made its mark in the year 2008. Blockchain uses are just
not limited to the financial transactions while enthusiasts are still exploring
other applications of this technology, especially during trust or dispute
issues.
How can blockchain be
used in the sector?
Blockchain is
beneficial for property rights and land tenure. Traditionally, governments keep
records of land properties and the owners, while owner may or may not have a
proof of it. Government records can be easily manipulated or even lost, and
government can also issue the land in someone else’s name that makes two people
claim ownership of one single plot/land. The blockchain comes to the rescue here,
functions as a neutral broker, and determines the truth.
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