29 April, 2020
7 Min Read
Blockchain technology boost economic recovery: WEF
Part of: GS-III- S&T (PT-MAINS-PERSONALITY TEST)
The WEF said crises such as the coronavirus pandemic dramatically increase pressure on governments and businesses to maintain resilient supply chains. Blockchain technology can help tackle supply chain failures exposed by the coronavirus (COVID-19) pandemic and also boost the economic recovery process, the World Economic Forum (WEF).
What are Blockchains?
Blockchains are a new data structure that is secure, cryptography-based, and distributed across a network. The technology supports cryptocurrencies such as Bitcoin, and the transfer of any data or digital asset. Spearheaded by Bitcoin, blockchains achieve consensus among distributed nodes, allowing the transfer of digital goods without the need for centralized authorisation of transactions. The present blockchain ecosystem is like the early Internet, a permissionless innovation environment in which email, the World Wide Web, Napster, Skype, and Uber were built.
How it operates?
Benefits of blockchain technology:
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