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.