The blockchain, which was first introduced to the world alongside bitcoin, is attracting huge interest from all over.
While people’s opinions of cryptocurrencies like Bitcoin are still mixed at best (and for some particularly anti-crypto organizations even outright hostile), there doesn’t seem to be much doubt that DLT has a bright future ahead
The Distributed Ledger Technology (DLT), more commonly known as blockchain, was introduced to the world along with bitcoin in 2008 by Satoshi Nakamoto – an unknown entity or entities claiming no single individual owns this pseudonym.
It is a protocol that allows for the secure transaction of data with cryptography. The immutable database cannot be changed and only those who have keys can access it, minimizing frauds or security issues.
DLT enables decentralized digital databases to store information in an accurate manner using cryptographic signatures so no central authority needs to keep check against manipulation.
Once stored, it becomes an immutable record governed by rules set on the network which are implemented through smart contracts ensuring safety from frauds or cybersecurity breaches.
The attitude towards both remains mixed; while many see them as little else but another internet fad and money laundering tool embraced only by those who wish not have their identities tracked down easily through conventional financial institutions
Blockchain has been used in a variety of ways, including tracking the transferal of diamonds and drugs to real estate.
The input is about blockchain being commonly associated with several projects or experiments which involve multiple applications.
The output makes it interesting by explaining how blockchain can be applied outside finance related topics such as medical records management, supply chain monitoring etc., instead focusing on different areas where this technology was successfully implemented like controlling food security or land transfers for example.