Blockchain

Blockchain

Blockchain is a technology for digital currency(Ex. Bitcoin) . It allows digital information to be distributed but not copied . This technology was invented in 2008 and cameinto the public when Bitcoin launched .

A blockchain is a chain of blocks which contains information . For instance , A bitcoin block consists of information about the sender , receiver and number of bitcoins .

Blockchain is the digital, distributed, and decentralized ledger underlying most virtual currencies that's responsible for logging all transactions without the need for a financial intermediary, such as a bank. In other words, it's a new means of transmitting funds and/or logging information.

Benefits of Blockchain :

1. Greater transparency. Transaction histories are becoming more transparent through the use of blockchain technology.
2. Enhanced security. Blockchain is more secure than other record-keeping systems.
3. Improved traceability.
4. Increased efficiency and speed.

Scope of Blockchain :

Some use cases for the types of data stored on a blockchain-based identity platform include (but are not limited to):
- Government records (e.g., date of birth, etc.)
- Reputation & trust scores (e.g., credit history)
- Certificates & attestations (e.g., university diploma)
- Healthcare & medical records
- Tax identification records
- Employment records