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Blockchain – Is this something I should know?

Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.

Since the release of Bitcoin, the I.T. industry has jumped onboard to exploit this concept which promoted a secure data distribution framework.

A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

The reason ZIS is investigating this technology, as it is perfectly suited for storing sensitive information such as finances, medical records and anything of a sensitive and confidential nature. Our work with Kontent Labs is solidly within the Health Industry, so we are exploring ways of incorporating blockchain into our conversations, and later, our technology.

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