International Conference on “Opportunities and Challenges of Block Chain Technology”
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, with- out the alteration of all subsequent blocks. This allows the participants to verify and audit trans- actions independently and relatively inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed time stamping server.
Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users or musicians, Land Records, Energy Trading etc. New distribution methods are available for the insurance industry such as peer-to-peer insurance, parametric insurance and micro-insurance following the adoption of blockchain. The sharing economy and IoT are also set to benefit from blockchains because they involve many collaborating peers. Online voting is another application of the blockchain