Blockchain Technology :How it works and applications
- Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
- An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
- Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
- A simple analogy for understanding blockchain technology is a Google Doc.
- When one creates a document and shares it with a group of people, the document is distributed instead of copied or transferred.
- This creates a decentralized distribution chain that gives everyone access to the document at the same time.
- It needs to be noted that other usage and applications of Blockchain technology have emerged in the last few years.
- The government of Andhra Pradesh and Telangana have put the land records on the blockchain technology owing to its easy traceability feature.
- Election Commission (EC) officials are exploring the potential of using blockchain technology to enable remote voting.
