Investigating the Implementation of Blockchain for Transparent and Secure RecordKeeping

Abstract

Frequently referred to as a distributed ledger, blockchain technology keeps an ever- expanding database of publicly available documents that are cryptographically protected from alteration and change. The value transfer technique that powers cryptocurrencies like Bitcoin and Ether is likely blockchain technology’s best-known application. However, a number of recent blockchain innovations focus on utilising the technology’s recordkeeping capabilities rather than its value transfer capabilities; as a result, they offer a fresh approach to record use, management and storage. Blockchain developers are investigating applications for payments, clearing and settlement, securities trading, education recordkeeping, management of supply chains, management of identities, notarial services, the Internet of Things, transfer of real estate and registration, voting, property rights management and more in order to benefit from the potential for increased transparency, permanence and efficiency of blockchain records.