BLOCKCHAIN is one of the most promising emerging technologies in the world today. The technology behind cryptocurrency Bitcoin, Blockchain is increasingly being deployed across different industries, especially banking and global development, by facilitating transactions, including crowdfunding. Blockchain is a peer-to-peer distributed ledger technology with a series of blocks containing information. Each block includes the marker code to the next block, making it impossible to manipulate the data.
Initially designed in 1991 by a group of researchers to digitally timestamp documents to prevent backdating, Blockchain technology today is driving transparency and accountability behind global transactions. The proliferation of Blockchain technology is fast rising in the Indian development sector as well, and it was widely discussed at GCNI Convention in Mumbai. Blockchain has emerged as a fail-safe mechanism for boosting philanthropy in China, and this model should be replicated around the world. Refer to the paper China’s New Model of Blockchain-Driven Philanthropy By Xiaofeng Wang & Kevin C. Desouza published by Stanford Social Innovation Review. Blockchain technology will significantly help in achieving SDGs globally through its various applications.
So what is blockchain?
I am listing a video that explains the concept in a simplified manner.