Blockchain by Charis Selvyna Raj A/P Joseph Raj

Blockchain

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a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks linked together via cryptography

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a system in which a record of transactions, especially those made in a cryptocurrency, is maintained across computers that are linked in a peer-to-peer network.

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Different types of information can be stored on a blockchain, but the most common use has been as a transaction ledger.

Importance:

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reduce security risks

stamp out fraud

bring transparency in a scalable way

-> management solution for all types of global industries

-> providing transparency for the food supply chain

-> securing healthcare data

-> innovating gaming

-> change how we handle data and ownership on a large scale

Future impact

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Blockchain-enabled business models will present a seismic shift to how business is conducted in the future. Its impact on commerce will be game-changing, especially given the increasingly digital global economy and the decentralization of business models and stakeholders enabled by blockchain. In this direction, a new dimension of innovation awaits.

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Blockchain has a wide range of applications in healthcare, including improving payment processing, electronic medical records, provider directories, and data security and exchange

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In conclusion, blockchain technology offers a secure, transparent, and decentralized way to manage and verify information, with applications extending far beyond cryptocurrencies to a wide range of industries.