Blockchain has outstanding potential for leading the technological innovation in many parts of the economy through its diverse application. Its decentralized nature, delivers high economic benefits as it reduces setup and maintenance costs. Developments are currently underway across a range of business process initiatives such as cyber security, health information sharing, automotive ownership, voting in elections and international trade.
Blocks are madE up of three main parts
Transaction or Event
in the transaction
Unique hash to distinguish them
from other blocks
How does Blockchain work?
A form of transaction or event must occur
The transaction must be verified
The details must be stored in a block
The block must be given its unique hash code