It all began when an unknown entity or group of people known by the name Satoshi Nakamoto developed this innovative technology in 2008. It was released through a paper named 'Bitcoin: A Peer-to-Peer Electronic Cash System'. Initially the technology was developed to be used as a platform, for the creation and exchange of virtual/digital currencies known as cryptocurrencies, the first one being the Bit coin, and several others which followed such as Lite coins, Ethereum and a lot more.
But, it’s now recognized to be only the first of many potential applications of the technology. The technology as such could power transactions in any field. It can impact the entire gamut of business starting from accounting to operations.
The mechanism of the technology brings everyone and every transaction to the highest degree of accountability. There will not be any missed transactions, human or machine errors, or even an exchange without the consent of the parties involved in the transactions, anymore in a particular network.
Blockchain technology is bound to innovate the way in which companies create, verify, and enforce transactions without a middleman or central authority. The buzzword is that Block chain is the ‘next big unlock’.
From Health to education, cybersecurity to finance, the technology can even transform e-governace. Maharashtra CM Devendra Fadnavis in his speech while inaugurating Maharashtra Technology Summit (MTECH), put forth that Block Chain is the internet of trust, internet of values and it is going to change the entire space of governance.