Blockchain technology, or distributed ledger technology (DLT), as it is alternatively often called, is one of the hottest topics in the technology sector as of now. A blockchain is a specific type of distributed ledger that stores data in blocks that are linked together via a cryptographic signature function.
This, in short, works by always using the signature of the last block plus the data of the current block to sign the current block. Given enough computing power behind creating the hash signatures for new blocks, a process that is known as mining (PoW), the resulting public ledger is virtually unmodifiable for malicious actors, commending itself for applications that rely on mutual trust where trust cannot be easily applied.
Blockchain technology is gradually revolutionizing the way business is being transacted on in the digital realm. Blockchain technology exploits decentralisation and one-way cryptographic hashes to ensure the integrity of data and P2P transaction across the internet. Cryptocurrencies have been the main driver of Blockchain technologies and although the world may have slowed down in terms of its appetite for these currencies, the technology behind Bitcoin and EOS is finding relevance and applications in diverse areas. This because unlike other technologies that focus on solving specific problems or automating processes where security becomes an afterthought, Blockchain in many ways cooperates security by design in its architecture. It eliminates the need for third-party layering of security elements (TNO 2019). This article explores areas where Blockchain technology is finding novel applications. These include identity management, creative content copywriting, tokenization of products and data integrity management.