Concepts like contracts, transactions, and records are crucial pillars that uphold economic, legal, and political systems as we know them. However, in today’s world, it has become apparent that these tools, and the protocols set up to manage them, are struggling to keep up with the fast-paced digital transformation playing out across the globe.
A new way to regulate and maintain administrative control is therefore needed in the digital world. Blockchain—the technology at the heart of bitcoin and other digital currencies—holds promise to usher in the desired changes.
Blockchain is an open, decentralised, and distributed ledger technology that can record transactions between two parties in an efficient, verifiable, and secure way. These records are embedded in digital code and stored in shared databases, which guarantees transparency, data security, and integrity since records cannot be tampered with or forged.
In addition, the blockchain…