newsbtc.com / Sarah Jenn / Jun 9, 2015 12:00PM UTC
More and more folks are starting to appreciate the blockchain protocol without necessarily associating it with bitcoin. Blockchain refers to the public ledger of bitcoin transactions, which is added by adding a block of code for each verified transaction. This verification process is done by several computers solving complex algorithms.
Entries in the blockchain are considered immutable and irreversible, as it would take considerable effort to hack into computers that have completed the verification process to update the code. With that, one of the more practical applications of the blockchain protocol is in creating secure databases.
Blockchain Protocol Applications
The government of Honduras has already taken this approach in creating a land registry for their country. Prior to this, the government had to deal with records being stolen or corrupted, allowing criminals to get away with stealing property titles.