The blockchain technology has been making waves all over the world. More people are becoming more interested towards it everyday due to its outstanding and life-changing technology that can be used for almost anything in any industry, making it a perfect and an undeniably ingenious invention.
This invention was a brainchild of a person of a group of people (no one really knows) who uses the pseudonym, Satoshi Nakamoto.
So, for people who have heard of it, the only question is, What is Blockchain? A new but thriving technology, that uses cryptography was originally programmed for digital currency or more known as a cryptocurrency, called Bitcoin.
To put it simply, Don & Alex Tapscott, authors of Blockchain Revolution (2016), explains that:
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Due to the huge support this technology has been getting, a large portion of the tech community is now finding other possible or potential uses, ranging from but not limited to Financial Services, Automation and many more.
Now, governments all over the world, including and more specifically Spain, is pushing for a law to be able to use this technology to operate the country’s public administration in a more efficient way.
In a document submitted to the Spanish Parliament, The document says:
“The introduction of blockchain- in administrative concessions, contracting or internal processes – will encourage greater control, traceability, and transparency in the processes. In addition, the use of this technology can also bring extra revenue to the Administration through the promotion of new models of exchange of rights in sectors such as logistics, tourism or infrastructure. “
So who knows what the future holds for the blockchain technology? Blockchain is already starting to bring the new era of the Internet through the Decenternet, an internet infrastructure that is supported by blockchain technology. Since the inception of Bitcoin, blockchain has certainly evolved into something far more greater than it’s original purpose.