DMPQ: What is blockchain technology? List down advantage and application

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A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

Adv:

  • High security is the feature of blockchain technology.
  • Decentralised form of data. As a result there is no single point of failure of blockchain technology.
  • High quality data is produced in blockchain technology.

 

Application:

 

  • Health care: repository of electronic health record. Exchange of electronic health record, putting all medical license on a blockchain, fraudulent doctors can be prevented from practicing.
  • Education: student records, faulty records and educational certificate can be maintained. It can simply the process of attestation.
  • Food processing: Will help to keep a track on food item from agricultural land to consumers. Whether the Good manufacturing practices, hygiene and health standards are followed or not. Recording of agricultural records.
  • Civil registration: birth, death, marriage , property certificate and records can be put up in blockchain. This can help make citizen records tamper-proof, resilient, secure and private, thus providing wide-ranging benefits for a variety of stake holder.
  • Banking sector: to make transaction hack proof.

 

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