Blockchain.
What is Blockchain Technology? How does Blockchain work?
OVERVIEW
Blockchain is most simply defined as a decentralized, distributed ledger technology that records
the provenance of a digital asset.
Blockchain, sometimes referred to as distributed ledger technology (DLT) , makes the history of any digital asset unalternateable and transparent through the use of decentralization and cryptographic hashing.
A simple analogy for understanding blockchain technology is a Google Doc. When we create a
document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time.
No one is locked out awaiting changes from another party, while all modification to the doc are being recorded in real-time , making changes completely transparent.
The future of government and Blockchain Technology
In October 2017, CIGI welcomed ETHWaterloo to host the largest Ethereum hackathon. The
36-hour event gave 400 developers the opportunity to build applications using the Ethereum platform -- a blockchain infrastructure that facilitates secure, peer-to-peer data transfer
without involving a third party .
In November, CIGI partenered with UN Climate change , the World Bank and major industry
brands to take part in Hack4Climate during the UN Climate Change Conference (COP23) in Bonn.
CIGI continues to explore the international law implications of using blockchain technology
in international financial transactions and potential regulatory frameworks.
Blockchain explained :
A Quick Overview
1. Digital assets are distributed instead of copied or transferred.
2. The asset is decentralized , allowing full real-time access.
3. A transparent ledger of changes preserves integrity of the document, which
creates trust in the asset.
That's all about blockchain...
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