Some of you may already be aware of this great technological advancement as a result of the rapid ascent and descent of Bitcoin. Bitcoin is based on Blockchain (or distributed ledger) technology and is probably the best-known example of a use case for Blockchain. Blockchain has many attributes that make it uniquely useful across numerous industries including: the medical profession, trade and shipping as well as finance. A block represents a new record of data. When a block is completed it is added to a chain of blocks. This is the beginning of a blockchain, which can all be accessed as part of a distributed network of computers. One may ask, who’s computers are in this network? The computers that made the blocks constitute the network. The network allows data to be transferred almost instantaneously between members of the network. For example, it can be used to trace medicines from the manufacturers to their intended recipients, creating new efficiencies within the supply chain. I believe this technology was created almost immediately following the financial crises in 2008. In November 2008, a ‘white paper’ was issued by Satoshi Nakamoto, a nefarious, possibly fictious character, about which little is known. The white paper introduced the concepts of a blockchain and bitcoin as a cryptocurrency. Blockchain technology although still believed to be in its infancy, has many applications and inventions. Blockchain has led to the development of other cryptocurrencies such as Ethereum, where developers can create the cryptocurrency and then allow businesses to use another coding language to set their own rules and policies in order to trade it. This is called a smart contract; which is more like a form of coding than a legal contract and can work in any contract that involves a buyer and a seller.


Full article