Its uses range from tracking the source of supermarket products to signing digital contracts – even the government is experimenting with the technology
Blockchain is best known as the technology that sits behind bitcoin, recording all of the transactions made with the virtual currency. It is a highly secure, cryptographic digital ledger – each transaction made has a digital signature, which cannot be forged. And this underlying technology is now being used to record all sorts of data, not just currency.
Blockchain is decentralised – created by a network of computers – so there is no single server to hack. However, any new information needs to be verified by multiple computers – the nodes within the blockchain – so it is virtually impossible to add bogus information to it. If the majority of nodes do not verify a new piece of information (through its history and its transaction signatures) then it will not be added.
Paper documents seem to have no place in a responsive, digital world, and blockchain is the answer