Blockchain
A number of articles have discussed the potential use of blockchain technology outside of the financial realm. Within the financial realm, blockchain is used for cryptocurrencies. The technology is based using peer-to-peer networks to store ledgers of transactions. Proponents of the technology argue that it can be used for other transactions, and that business should be excited about exploring such potential uses (Church, 2017).
There are a couple of interesting things about the claims surrounding blockchain technology. The first is the claim that blockchain technology is incorruptible. The idea is that because each transaction is verified by multiple different parties, there are multiple records of the transaction, so it is difficult to dispute. Now, the problem that will occur is when one of the members of the blockchain doesn't agree – that there are different sets of data and they are in conflict with one another. Just because blockchain hasn't been corrupted does not mean that it is incorruptible. The reality is that blockchain is essentially lawless, and a source of wealth, which makes it ripe for exploitation. Attempts to commit fraud via blockchain systems will occur.
Another interesting aspect is the idea that blockchain is more efficient, as a means of...
References
Blockgeeks (2017) What is blockchain technology? A step-by-step guide for beginners. BlockGeeks. Retrieved December 9, 2017 from https://blockgeeks.com/guides/what-is-blockchain-technology/
Church, Z. (2017). Blockchain, explained. MIT Sloan Management School. Retrieved December 9, 2017 from http://mitsloan.mit.edu/newsroom/articles/blockchain-explained/
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