blockchain : Blockchain and electronic distributed ledger technologies are an emerging peer-to-peer data base tool for managing and recording transactions. The technology behind blockchains is open source.
¶This new disruptive technology offers the prospect for sharing financial, legal, physical or electronic information more readily across multiple sites (nationally and internationall y) and from government to business or business to business.
¶Blockchain has the potential to support efficient and secure transactions and reduce process management issues across a range of economic sectors including:
· government
· consumer products and services
· health
· minerals and precious stones
· financial services
· real estate
· business (†1941)
blockchain : The purpose of the blockchain is to provide a trusted immutable record across a distributed cryptographic ledger network that stores a copy and validates each transaction on each node.
¶ The blockchain has been created to allow verification and immutable validation between peers, without the need of middlemen or 3rd parties. In practice, this means once data has been written to a blockchain no one, not even a system administrator, can change it. (†1942)
