Block-chain Technology

 Block chain technology is the world’s leading software platform for digital currencies. As a decentralized ledger, it records transactions without the need for a central authority, which means that its network of computers can verify and approve each transaction as legitimate.


The way block chain works is similar to how a publicly-shared Google Doc updates instantly on every computer in real time. Every single participant has an up-to-date copy of the blockchain that records all transactions. This makes it virtually impossible for anyone to fraudulently alter the blockchain because there are thousands of computers with thousands of copies of this public ledger who would have to simultaneously agree and keep maintaining their agreement. It’s virtually undeniable proof that your transaction is legitimate.


The technology is widely used in digital currencies such as bitcoin or Ethereum and has the potential to extend into a wide range of applications, from banking to the Internet of Things (IoT), supply chain management, health care and cloud storage.


Blockchain transactions are still in their infancy but growing at an exponential pace. In 2016 alone, global investment in blockchain grew from US$9 million to US$360 million, a 3,500 percent increase. The technology is expected to grow even faster throughout 2017 with an estimated increase of 300 percent to 500 percent.


In South Korea, the government plans to invest US$1.4 billion towards the development of blockchain technology. The country’s fifth largest bank, Shinhan Financial Group, has also shown interest in developing blockchain-based cross-border remittance services for its customers.


It is expected that by 2021, blockchain will add US$176 billion to the global GDP and create 2.3 million new jobs globally. In the Philippines, some companies including Coins.ph are already hard at work adopting this new technology and pushing the limits of digital currency use in everyday life.

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