An overview of Blockchain Technology: Past & Future

Abstract

Blockchain technology is a decentralized database system utilizing predefined rules to store and validate data. The most popular implementation of blockchain technology is called the “permission less” blockchain which is managed by a consensus protocol of independent agents. In traditional ledger systems, data is typically recorded and maintained by a single central authority. Despite being around for 8 years, blockchain technology has yet to achieve mainstream adoption and widespread commercial applications. This could potentially be due to the complicated nature of the technology, the lack of clear regulation around it, and the general lack of awareness of the technology itself. It is promising however, that in recent years start-ups and well-established companies have been exploring and investing in the vast potential that blockchain technology can bring about.