Blockchain is a record-keeping technology designed to make it impossible to hack the system or forge the data stored on it, thereby making it secure and immutable. It is a type of distributed ledger technology (DLT), a digital system for recording transactions and related data in multiple places at the same time. Industry experts share Blockchain insights for CIOs, examples and use cases, and how it differs substantially from conventional databases in how it stores and manages information.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A Blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the Blockchain.
Research firm IDC expects Blockchain spending in the Middle East and Africa (MEA) to reach US$307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016 to 2021 period. While various industries are evaluating the use of Blockchain, IDC research suggests the region’s public sector (including government, education and healthcare) will spend an estimated US$120.8 million in this space in 2021, accounting for 39.2% share.
Mohammed Mosam, Director of Product Marketing, Sage Africa, Middle East and Asia, said essentially, Blockchain works as a distributed global and public ledger without a central database that can be tampered with. Mosam said the Blockchain uses software stored on thousands of computers across a global network to facilitate and verify financial transactions or data