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But power and influence is no longer concentrated in the hands of a few corporations.The underlying concept of a blockchain, or decentralized public ledger, collectively maintained by a network of participants, is key. Recording transactions, and other events, is an integral component of much of human activity and it is hard to imagine modern economies operating without underlying systems of verification, validation and record keeping.While cryptocurrencies, Bitcoin being the best known, have recently caught everyone’s attention, this piece looks at the underlying blockchain technology, and how it might revolutionize many development challenges. Cryptocurrencies are, essentially, digital records stored on computers.
By using cryptographic tools (hence the name), a broad network of computers and programmers is able to provide the same – or greater – level of security as provided by traditional financial institutions.In countries with weak governance and record-keeping systems, there can be difficulties in proving who owns land.Blockchains are able to publicly record land title.While in India, where 70 percent of district civil disputes are land related, UNDP is partnering to build a land registry using blockchain.The government think tank, NITI Aayog, is preparing a strategy for the use of blockchain technology in areas such as land records and electronic health records.