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Blockchain – what’s the big deal here?

By Sawsan Ghanem on June 18, 2018

Blockchain’s future is looking bright as it penetrates more industries – other than finance – to realize a more integrated global economy and enhance economic growth. Many of us are still trying to get our heads round what blockchain means, how it works and why we need it in our lives along with AI, VR, Chatbots and more..

Putting it in simple terms, blockchain, is a ledger that records all types of data, including different transactions completed by any individual, upon which an alert is shared, notifying this as having taken place. This ledger is not stored on one server or computer rather on many computers (no limit to how many), all over the world. The beauty of it, is that anyone on the network can have access to the current updated ledger fostering transparency. Who isn’t a supporter of transparency, in the connected world we live in?

In addition to transparency, blockchain technology offers a more secure environment by combining cryptography, with storage and transmission of data in coded form, thus creating a shared ledger of transactions that are ‘trustworthy’ and not controlled by anyone. For governments, public services, and more, blockchain has the potential to create new foundations for both economic and social systems –  by offering a secure, unmodified public record that can be accessed anywhere, anytime with coded keys/encrypted identity authentication.

Beyond the world of finance, where blockchain came to the fore with the birth of Bitcoin, and other virtual currencies, the emerging uses for blockchain technology are exciting with huge potential to increase efficiencies and reduce costs etc..

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