Blockchain

A blockchain is a list of records that is connected by cryptographic algorithms. A new record is added to this list along with its timestamp, data, and hash of the previous block. The list is resistant to any modifications as a record cannot be modified without modifying the hash of all the subsequent records. With the limitation of today’s computing power that is almost impossible. Bitcoin, a cryptocurrency makes use of this technology and was one of the first digital currency that solved the double spending problem. Here the currency itself could be used as the central authority of trust, so there was an assurance that all transaction were resolved. Another use-case for this technology is smart contracts. A blockchain network could be used as the trusting entity for contract between 2 parties and can also facilitate the transfer of money between them. Supply chain is an interesting use-case where a blockchain can provide valuable information about the product right from the raw material stage to the final product. This can have implications on trade, illegitamate institutions and enforcement of regulations within food supply chains. Health care records can also be maintained using this technology making universal and accessible health records for health institutions with the right authentication together with the patient.

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