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Created by Satoshi Nakamoto, the blockchain is a revolutionary technology and distributed ledger platform that allows information to be shared — but not copied — across a series of networks.
The technology removes the need for a centralised owner making it near impossible to fraud the information in the chain (as all nodes within a very long sequence of transactions would need to be tampered with). If there is any information that does not match the previous block, the whole transaction will be void.
Famously associated with Bitcoin and various other cryptocurrencies for its secure and reliable nature, the security that blockchain technology provides, has appealed to and been applied to many other sectors including education, finance and health.
Open Access Government has assessed the ways in which blockchain technology and artificial intelligence can be used to dramatically impact our lives Since their inceptions, both artificial intelligence and blockchain technology have garnered much interest within the technology sphere. In recent years, blockchain technology has provided our global community with revolutionary solutions to many areas including finance, authentication and data protection.
Since the 1940s, artificial intelligence has perplexed great minds including Turing and McCarthy who began the conversation as to whether machines can think for themselves and how this progress can significantly impact our lives for the greater good.
Together, they provide scope for major technological changes.
But how exactly are they helping us and how are they shaping our futures? Here at Open Access Government, we delved deeper into the matter.
It is a “chain” of “blocks” of transactions.
The blockchain is like a decentralized bank ledger, in both cases the ledger is a record of transactions and balances. When a cryptocurrency transaction is made, that transaction is sent out to all users hosting a copy of the blockchain.