Blockchain

Blockchain is a continuous sequential chain of linked blocks that contains information. Most often, copies of block chains are stored on many computers independently (called nodes[1]).

History

For the first time the term appeared as the name of a fully replicated distributed database implemented in the system "bitcoin"[1], because of what blockchain often refer to transactions in different cryptocurrency, but the technology of block chains can be extended to any interrelated information blocks. Bitcoin was the first application of blockchain technology in October 2008.

Government adoption

Date Flag Region Initiative
2018.02.01 european_union.png EU European Commission launches the EU Blockchain Observatory and Forum[3].
2018.01.01 gibraltar.png
Gibraltar Gibraltar Financial Services Commission starts authorise users of distributed ledger technology (DLT) for storing or transmitting value belonging to others as DLT Providers[5].
2017.06.07
US.png U.S. General Services Administration's Emerging Citizen Technology Office initiated Federal Blockchain program for federal agencies and U.S. businesses in framework of promote emerging technology[2].
2017.05.09 gibraltar.png Gibraltar Gibraltar Financial Services Commission disclosed Proposals for a DLT Regulatory Framework[4].

Use of Blockchain

The blockchain can be potentially used in the following areas (but not limited to):
1. Identity and access management. Practical applications are verifiable digital IDs for voting, drivers’ licenses, tax payments, electronic management and government services.
2. Health care. Access management to health care records; immutable storage of records generated by medical devices; increase of health care providers accountability via authentication and record keeping.
3. Legal. Replacement of the court by autoexecuting “smart contracts”; tracking, verification, authentication of court orders; regulatory compliance; conclusion of contracts as a smart contracts, loans, titles, mortgages, and records. 
4. Finance. Creation the proxy of value (digital currencies); payments; tokenization of assets; fundraising; trade finance; clearing and settlement of stock trades; intermediary fees and services removal.
5. Manufacturing. Reduction of counterfeit products via accounting of provenance of goods and services; supply chain management.
6. Government[2]. Voting; Taxation and Internal Revenue Monitoring; Legislation and regulatory oversight; Government assistance and foreign aid delivery; Public personnel workforce data; Government-issued credentials like visas, passports, SSN and birth certificates.
7. Corporations. Maintenance of shareholder records; regulatory compliance.
8. Additional multi-uses include: audit trails; data collection, insurance, compliance audits for logistics services and security.

References

[1] Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System 
[2] Blockchain. U.S. General Service Administration. Last accessed 18 Oct 2018.
[3] Blockchain Observatory. European comission. Last accessed 18 Oct 2018.
[4] Proposals for a DLT Regulatory Framework. HM Government of Gibraltar. Last accessed 18 Oct 2018.
[5] DLT framework. HM Government of Gibraltar. Last accessed 18 Oct 2018.   

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