The Blockchain Technology

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The blockchain is known to be a continuously growing list of records known as blocks that are linked and secured using the cryptograph with each block containing a cryptographic hash of previous blocks. It was created by Satoshi Nakamoto in 2008 primarily to ease the use of the Bitcoin cryptocurrency as its public transaction ledger and solve the problem of double spending without having to rely on a central server or trusted authorities.

Beyond just viewing the blockchain only in relation to cryptocurrencies, the blockchain is one platform that is believed to hold greater potentials which at the long run is expected to change and add more value to the world at large.

A major potential the blockchain wields is its use in relation to land titles, an initiative which a pilot program should kick off soon in Brazil because of corrupt government officials manipulating records to illegally confer ownership of lands to themselves which has in turn led to instability in the country. This move is also expected to take place as well in Sweden and some African countries.

Above is just one of the ways the blockchain is expected to help rebuild the world, but to give you a detailed picture of the imminent revolution, below is an Infographic developed by The Opinion Economy Inc. (OEB) which is intended to give more clarity as regards the prospects and potentials of the Blockchain beyond just its primary association with cryptocurrencies.

Enjoy!!!

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