Since the Blockchain technology first appeared with the launch of the digital currency bitcoin in 2009, it has has been hailed to become as revolutionary and impactful on society as the Internet. This decentralized, open-source ledger software can be augmented to create a range of highly applicable functions ranging from transparent financial transactions and ‘smart contracts’ to voting systems and proof of ownership.
The financial industry, for example, is highly interested in Blockchain technology as it could be used to cut costs and prevent fraudulent transactions. Many experts in the financial sector believe that the Blockchain technology will be used to handle the settlement and clearing of financial securities and therefore drastically reduce back-office administration costs for large banks.
However, the Blockchain can not only improve efficiency, transparency, and reduce fraud in the corporate world. It also has the potential to eliminate corruption, especially in developing parts of the world where corruption often runs rampant.
What is the Blockchain?
The Blockchain is the decentralized public ledger technology that the cryptocurrency bitcoin is running on. It is a secure and transparent peer-to-peer network that records all bitcoin transactions in real time.
However, due to the open source nature
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