THE CONCEPT OF BLOCKCHAIN

WHAT IS BLOCKCHAIN?

Blockchain is a distributed database that maintains a continuously growing list of records, called blocks, which are linked and secured using cryptography. The first block in the chain is known as the genesis block. Each block in the chain contains a hash of the preceding block, a timestamp, and transaction data. Blocks are added to the chain by miners, who compete to solve complex math problems to verify transactions and earn a block reward, and transactions are broadcasted across the network, which requires the consensus of the entire network to be accepted.

The blockchain is a digital ledger of decentralized, distributed, and encrypted transactions. The blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash of the previous block, a timestamp, and transaction data. In this way, the chain of blocks is secured and cannot be changed.

THE BENEFIT OF BLOCKCHAIN TO A COUNTRY

Blockchain technology can be used in many ways to generate value for the country. Blockchain technology can be used to achieve a government-backed currency, track compliance, and enable smart contracts (Duan, 2016).

Blockchain technology has the potential to revolutionize the financial industry and beyond. Documenting and digitizing physical assets, such as real estate and art, has the potential to reduce fraud in the physical world. Recordkeeping, such as land titles and deeds, can be digitized and stored on the blockchain, providing a secure record of titles for title owners. The immutable nature of the blockchain prevents fraud by recording the origin and history of digital assets.