The simple definition of a blockchain is, "A decentralised database containing sequential, cryptographically linked blocks of digitally signed asset transactions, governed by a consensus model."
Blockchain technology is a peer-topeer networked database governed by a set of rules. Blockchains represent a shift away from traditional trust agents and a move towards transparency. As technological building blocks, they permit applications from a broad band of industries to take advantage of sharing, tracking, and auditing digital assets.
Blockchain is a disruptive technology because of its ability to digitise, decentralise, secure and incentivize the validation of transactions. It has the potential to improve security, processes and systems in the financial and government services, as well as in every domain where accurate, tamper-proof recordkeeping is essential.
A wide range of industries are evaluating this technology to determine what strategic differentiators could exist for their businesses if they leverage it. These include FinTech, healthcare, aviation, global logistics and shipping, transportation, music, manufacturing, security, media, identity, automotive, land use and government.
Industry adoption of blockchain platforms
As per Globenewswire, by 2024, the global blockchain market is expected to be worth over US$ 20 billion.
The use and adoption of blockchain technology is expanding at a rapid pace all over the world. According to Forbes, the Republic of Georgia plans to use blockchain technology to validate property-related government transactions. Countries like Sweden and the Honduras are also developing similar blockchain based systems, for enabling secured e-governance.
Gartner projects that blockchain's. business value will grow to US$ 176 billion by 2025.
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