Blockchain – What is it?

Blockchain, at the broadest level, is a digital platform that r ecords and verifies transactions in a public and secure manner. This decentralised, cryptographybased
solution has the potential to r edefine transactions and the back-office of a multitude of different industries. It will remove the need for third-party ‘middlemen’ in many transactions.
In practice, this means that once a transaction has been initiated, the transaction record is simultaneously available to all parties and historical data cannot be altered without broad agreement from the participants of the network. This removes the costly and time consuming pr ocess for the need to reconcile transactions or data exter nally.
From banking, insurance and other industries, distributed shar ed ledgers have the potential to make interactions more efficient, less expensive and safer.

Why is Blockchain important?

Why is Blockchain important?
Like mainframe computers, PCs, the inter net, smart phones and cloud computing before it, blockchain technology will be transformational. Blockchain has the potential to support efficient and secur e real time transactions across a large number of sectors, including (thats right) :

The United Kingdom Government commissioned a report titled Distributed Ledger Technology: beyond block chain, led by the Government Chief Adviser, Government Office for Science. This 2016 report recommended a broad UK government effort to explore and test blockchain and distributed ledger technology.

The report concluded that across the government sector alone blockchain has the potential to improve the speed and efficiency in such diverse areas as: voting (local, state and national elections); r egistration, transfer and management of property titles; passports and ID; industry licenses; vehicle licenses; and medical registrations and health records.
Governments across Europe, the Americas, Singapore and Australia are similarly exploring the potential of blockchain technology.

Areas use of blocking

financial services 90
consumer products and services 95
healthcare 85
internet of things; and 85
government 85
minerals and precious stones 85
real estate 85
business and SMEs. 85