Written by : Rosamond Hutt
Blockchain was created as the system for running bitcoin and other cryptocurrencies. Big banks and corporate giants are racing to make the technology work for them in the belief that it will cut costs and transform the way the world does business.
Finance is only the start, though. Blockchain is also being put to work on a handful of the world’s toughest problems. Think: human trafficking, conflict diamonds and land rights.
How is this possible? Blockchain is a decentralized database shared among a network of computers, all of which must approve an exchange before it can be recorded. There’s no need for a trusted intermediary like a bank because the information is held securely and transparently on a digital ledger for all users on the network to see.