Blockhain and Gold
According to Forbes, “a blockchain can be described as an
append-only transaction ledger. What that means is that the ledger can be
written onto with new information, but the previous information, stored in
blocks, cannot be edited, adjusted or changed. This is accomplished by using
cryptography to link the contents of the newly added block with each block
before it, such that any change to the contents of a previous block in the
chain would invalidate the data in all blocks after it.”
The adoption of the blockchain across
the globe has gathered momentum in the past two years. Many areas of human
endeavor are undergoing a revolution with the implementation of blockchain
processes.
Blockchain technology is transforming
the way business is carried out in the financial centers of the world. Other
areas of implementation of the blockchain include real estate, supply chain
management, medicine, oil and gas, law and mining of precious metals like gold.
As the blockchain operates as an
open-source ledger where records are immutable, easy to audit and transparent,
its range of application is expanding by the day.
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