Kuwait: April 2, 2018
One major disadvantage of the centralized model is that it represents a single point of failure
- Blockchain technology was conceived with the intention of creating a peer-to-peer, secure, and unregulated electronic cash system called bitcoin. Its underlying technology, however, quickly caught the attention of enthusiasts who started to explore its applications as an alternate system to store and exchange data, messages, and value, in addition to conducting transactions.
- A large part of the value of blockchain lies in its potential to streamline processes, eliminate frictions caused by the need for third parties to execute transactions, and to create a secure, immutable record of history.
- It is a mechanism to establish trust. Blockchain establishes digital “trust” among transacting parties by creating secure mechanisms for authentication and authorization. It facilitates direct peer-to-peer transactions and minimizes the need for intermediaries.
- Research efforts on the applications of this technology are being sponsored by both the private and public sectors. It promises to have far reaching effects on a multitude of industries including banking, financial services, supply chain management and logistics, and insurance to name just a few.
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