Blockchain Technology and Its Applications

It is hard to imagine modern life without technology. Technology is gradually becoming an indispensable component of our lives because it does miracles toward business growth and societal development. Advances in technology always have an impact on our society. Emerging technologies, such as the Internet of things (IoT), artificial intelligence, and Blockchain, present transformative opportunities. One of the latest technological innovations, the Blockchain, is poised to disrupt the various aspects of life. Blockchain came as a solution to the longstanding user’s trust problem. It is a technology that builds a trustworthy service in an untrustworthy environment. It refers to a highly secure and decentralized ledger system on which information can be stored but cannot be altered. It has evolved beyond cryptocurrencies to general purpose and can be used across an array of applications. It has proven to be another revolutionary technology that will impact many industries and transactions.

Blockchain (also known as "distributed ledger technology") is a peer-to-peer network that sits on top of the Internet. Blockchain technology is an innovation which is regarded as the center of Industry 4.0 revolution and it has become part of our lives. It is a system that stores data in a special way. Blockchain technology has some interesting properties, such as its decentralized nature, immutability, decentralization, transparency, and permissionless, that may be used to address pressing issues in many sectors. Although this technology finds its first application in the financial sector, it has become possible to use it in all sectors which can be integrated with technology today.

Matthew N. O. Sadiku is presently a Regents professor emeritus of electrical and computer engineering at Prairie View A&M University, Prairie View, TX. He a life fellow of the IEEE. He currently resides with his wife Janet in Westlake, Florida.  He can be reached via email at sadiku@ieee.org