The blockchain, the public ledger technology that underlies the cryptocurrency bitcoin, has been hailed as a technological innovation that is predicted to be even more impactful as the Internet.
While there has been skepticism concerning the potential of blockchain technology, this prediction is starting to look increasingly believable. Financial institutions are trialing the distributed ledger technology to reduce back-office system inefficiencies. But there are also many other possible applications of the blockchain.
Blockchain startups are leveraging this open-source technology to record land ownership, combat digital content piracy, authenticate and record the provenance of artwork, register voters, secure file storage, digital identity recording, and verification to name a few. Having said that, tech startups and financial institutions are not the only players in the blockchain space, the U.S. military is also interested.
The Defense Advanced Research Projects Agency (DARPA)