Blockchain
Blockchain is a distribute data structure, designed to ensure data integrity by keeping replicated data in regular increments as blocks on a chain. It usually requires replicated data keepers to perform some tasks as proof of work. This mechanism openly invites independent data keepers to serve as auditors of incremental changing data. The mechanism attracts participants by assigning them with some sort of bonus or tokens as a recognition of continuing efforts.
This data structure is a way to provide a consensus on the existence and ordering of events between arbitrary interacting parties, as long as they use the same account management and communication protocol of the blockchain.
Blockchain as the first global digital clock
Blockchain is the first publicly available digital social clock. It provides a way to associate arbitrary digital content with time stamp system to achieve non-repudiation. In other words, it is the first publicly known solution to assign physical meaning to data sets. An original application of reliable time stamping system similar to blockchain was to examine patent rights in terms of who filed it first. By associating undeniable time signatures to a wide range of data set, blockchain could create an economical way to create an objective account of the sequential ordering of many kinds of events. This new ordering sequence information could be leverage in scientific discoveries, historical fact validation, and in court for dispute resolution. In short, blockchain is a revolutionary technology that could ignite major revolutions across many industries.
References
- Don and Alex Tapscott, Blockchain Revolution Last accessed Feb. 13. 2019
- What is blockchain? by Blockgeeks last accessed Feb. 13, 2019