Understanding Technology
Blockchain is a transformative technology that enhances trust, transparency, and security in digital systems. It operates as a decentralised network without central authority, using consensus mechanisms to validate transactions and immutability to prevent data alteration. Key features include provenance for traceability, auditability to detect fraud, cryptographic security for digital identity, coherence across the ledger, and pseudonymous anonymity that balances privacy with transparency.
Since its launch in 2008 with Bitcoin, blockchain has evolved and expanded beyond cryptocurrency into digital contracts, asset tracking, and identity systems. Its adoption and maturity vary by sectors. Finance sector leads the way, while healthcare and public administration are still exploring its potential.
