For the past several years cryptocurrencies such as the Bitcoin and other altcoins have been dominating headlines across the world. The dramatic rise of Bitcoin for instance in the past one year caught the interest of tech enthusiast, regulators and investors as well. In spite of the recent price dump that has threatened to kill the hype of cryptocurrencies, the Blockchain technology which is the building block of cryptocurrencies is here to stay.
Blockchain is a form of distributed ledger with a series of transactions which are linked in a chronological order forming what is commonly known as a chain. Each entry into the chain is referred to as a block and the blocks contain a transaction that is signed digitally using a cryptographic public key.
This technology is reliable because it allows you to check the validity of each entry into the block by checking it against previous entries. If any block does not follow the predetermined rules of the Blockchain it will be discarded.
Decentralization of systems
The one effective innovation of the Blockchain is that the validation and adding of new blocks to the chain is not controlled by a centralized server but instead it is decentralized. One key sector that sector that truly benefits from this technology is the information governance. In addition, governments could integrate it in voting systems among other services. According to the data from Bitfortune’s infographic, the blockchain disruption will lead to tremendous improvements in almost all industries because it is reliant on data based on integrity, authenticity, and reliability.
It is a fact that no single vendors have a Blockchain turnkey at the moment but Blockchain contours look likely to take shape soon. Information management can be seen as a natural fit for the Blockchain tech because of the integral features of this technology. For instance, the adoption of Blockchain in any sector would need to be flexible so as to accommodate the needs of enterprise users. In addition, record management through lifecycles by using a Blockchain would also need to be economically feasible. Therefore, this technology requires that any solutions to it be integrated with normal business transactions as well as the readily available systems.
One central feature of Blockchain is its ability to track any changes made to the records throughout their lifecycle hence will come in handy to forensic experts in proving the authenticity of digital documents. Moreover, due to Blockchain technology efficiency, we could see it being used by forensic experts in paper records especially because proving the authenticity of digital documents is likely to pose a greater challenge.