Covid-19
Advertisement

How Blockchain May Just Revolutionize the Economy

What is blockchain, who invented it and what are its current and future uses?

Blockchain-powered systems are all the rage lately but do you truly know what blockchain refers to? The term "blockchain" was first used in a paper entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." 

The paper was written by the pseudonymously named Satoshi Nakamoto and it described a new type of database that would be used to store cryptocurrency transactions. That database was called a blockchain and, today, it has the power to transform our economy.

Why? Well, for several reasons. First, blockchain has the ability to change the way that we pay for goods and services. Second, it has the potential to make money transfers across borders much cheaper.

It can even be used for other purposes such as voting and manufacturing supply chains. How can one system achieve all these uses? That is the power and beauty of blockchain.

We explore blockchain's many potential roles and even delve into the mystery that is Satoshi Nakamoto. Indeed, to date, no one knows who Satoshi Nakamoto really is.

Is he a real person or a group entity and what has happened to the estimated one million Bitcoins that Nakamoto supposedly owns but has never redeemed? Watch the video to find out more.

Advertisement
Follow Us on

Stay on top of the latest engineering news

Just enter your email and we’ll take care of the rest:

By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.