When it comes to blockchain, the first question that has to be answered is what it is. In simple terms, blockchain is a form of a decentralized database. In other terms, it can be referred to as the internet of value. The blockchain is a real time digital ledger that is able to list everything that can be recorded from financial transactions, to contracts, physical assets and even election votes.
The only difference is that there is no one person or body in charge of the system, which means that it is transparent and open and everyone who is part of the chain can see the details of each record.
Another thing about it is that each block is both time stamped and encrypted and the only person able to edit the block is the one who ‘owns’ it. And when an edit or change is implemented on the both, everyone in the block is updated of this change in real time, live as the change is being made.
Blockchain is often synonymous with bitcoin but there is more to it that what meets the eye. Blockchain is the technology that will revolutionize business and finance as a whole as its use establishes a peer to peer network within a system which cuts off the middle man out of the picture, which means associated costs will also be significantly reduced. Let’s take something like a stock purchase for example. If you are to purchase a stock via a brokerage firm, chances are that the process would be long as the stock broker would have to contact the exchange and so forth. With blockchain however, the process would take minutes since there would be no need for you to go through a broker to make the purchase.
The transaction would simply go through a block and everything will be completed swiftly.
In conclusion, an African country Sierra Leone recently administered its presidential vote via block chain, a trend that we can foresee growing. One thing that can’t be denied about this technological revolution called blockchain is that it’s going to change the world.