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Blockchain: Beyond Cyptocurrencies

By CIOReview | Friday, May 11, 2018

Over the past few years, Bitcoin and other cryptocurrency prices and popularity have risen tremendously. And owing to the mounting prices, investments made in blockchain have also grown by leaps and bounds.

In the blockchain process, data is assembled into so-called blocks which are chained together. Here, each block is built on the last one through complicated math processes that ingest information such as time stamps where any attempt to go back and alter existing data becomes very intricate for Bitcoin miners.

Today, a large number of corporations and government organizations are working to leverage the blockchain model to address various challenges. For example, several departments of the United Nations are experimenting with blockchain to handle weather change problems and manage identity challenges faced by stateless people. However, blockchain has recently come under fire from proponents who are skeptic that this technology can prove beneficial in the longer run. Several critics of blockchain opine that the rapid developments in blockchain may soon replace the time-tested traditional systems, ominously, even before those replacements can be thoroughly tested for their robustness and reliability.