What is blockchain? : A Definition In 2020

So What is Blockchain ?

A blockchain is a distributed database that preserves the growing list of the transaction records, called blocks. The chain of blocks is linked using cryptography. “This database is shared across a network of computers so-called distributed ledger network. Each data block links to the previous block in the blockchain through a cryptographic hash of the previous block, a timestamp, and transaction data.” Since blockchain is a distributed, decentralised, and a public digital ledger, the data are secure, can not be manipulated or hacked.

How Does Blockchain Works?: Video

History Of Blockchain

Gartner: Blockchain Spectrum

According to Gartner, blockchain comprises of five main elements. Distribution, encryption, immutability, tokenisation and decentralisation. When an organisation combine all these five elements, the actual potential benefit of blockchain achieved. Using the blockchain, two or more parties can engage in a secure interact in a digital environment without even knowing each other and exchange new forms of value and assets. Blockchain is a game-changer. Source:Accenture

“We are witnessing many developments in blockchain technology that will change the current pattern. By 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross chain functionality. They will also support trusted private transactions with the data confidentiality required. Altogether, these technology advances will take us much closer to mainstream blockchain and the decentralised web, also known as Web 3.0,” –

Paradigm Shift: Blockchain technology for Passports and Visas According to the World Tourism Organization 2018 report, the total number of arrivals worldwide international tourist reached 1.4 billion. That also marked seven straight (+4%) growth in tourism exports surpassed the (+3%) growth in merchandise exports. Based on the significant increase in international arrivals, predicted that by 2030 it would increase up to 1.8 billion.

“ Fourth Industrial Revolution technologies to help government and industry leaders facilitate seamless and more secure international travel. Together with a community of travel security experts, policymakers, businesses and international organisations.” InIndustry 4.0, blockchain technology plays a critical role.

Paradigm Shift using the blockchain technology, we can move away from the physical passport to digital passport and digital visa. This process eases international travel even smoother.

Also another way to realize what is blockchain.

Blockchain Smart Contract

Paper contracts involve participating agencies agree to the legal terms and condition, verified, and signed. Likewise, a smart contract is written in a programming language; all the essential clauses automatically executed in specific conditions within the code, embedded in the blockchain. Smart Contracts also called as chain codes in Hyperledger fabric. A smart contract is verifiable, signed and encoded in a programing language. It is very secure.

“Since this data is sensitive to each agency or country, we need to have a durable permissions logic to govern it. For example, Permission to enter or modify passport related data in blockchain should be assigned only to the passport issuing authority. They should not have Permission to either enter or modify VISA or immigration-related. However, if they want, they can query VISA or immigration-related data (read access) from the blockchain-based on certain conditions if required”

A new project Know traveler digital identity , or KTDI. Is a project initiated by world economic forum, the goal of the project is to bring together a global group of individuals, governments, authorities and the travel industry to develop more security in world travel. This collaboration enables secure and seamless travel. This inturn benefit the tourism and travel industries. The first KTDI project started between the countries Netherlands and Canada. “KTDI is based on the blockchain — specifically, Linux’s Hyperledger Indy, a distributed ledger purpose-built for decentralized identity. This is the secret sauce behind the paradigm shift toward a system where travelers — not government agencies or travel brands — control access to their personal data.”  Suzanne Rowan Kelleher Futhermore, several other countries are already exploring the benefit of digital passport and digital visa. It is possible in the near future, this technologic revolution might scrap the physical passport and transform the whole immgration system.