Blockchain technology that enables bitcoin may increase productivity and innovation in the future

According to an Australian research, blockchain technology that enables bitcoin may increase productivity and innovation in government and industry in the future. Blockchain is a type of distributed ledger or decentralized database that keeps records of digital transactions.

A distributed ledger has a network of replicated databases, synchronized via the internet and visible to anyone within the network. "It (Blockchain) has potential to re-frame existing industries like financial services and seed new ones like food provenance and personalized health," said Adrian Turner, Chief Executive of Australia's Commonwealth Scientific and Industrial Research Organisation (CSIRO).

A recent report released by the CSIRO explored plausible adoption scenarios of blockchain in Australia by 2030, while another took a technical approach exploring design alternatives for blockchain systems in uses such as remittance payments and agricultural supply chains. "The reports demonstrate the benefits of this technology could be profound delivering productivity, security and efficiency gains," suggested Scott Morrison, Australia's Treasurer. "It will give decision-makers in business and government guidance on matters they need to consider in developing a system that uses blockchain technology," Morrison added.

Distributed Ledger Technology or Blockchain is currently being touted as the next big invention following the Internet itself. It is expected that blockchain would facilitate “trust” through transparency that was difficult to secure on the Internet. Blockchain is the underlying ledger used to record transactions in a digital currency, Bitcoin.

With inputs from IANS

Published Date: Jun 11, 2017 12:05 PM | Updated Date: Jun 11, 2017 12:05 PM