A blockchain is a digital ledger of transactions stored in blocks that are distributed across a network of several computers or several computer networks. This distributed record of transactions is unchangeable, unhackable, transparent, traceable, and cannot be destroyed. In accounting and finance, a ledger is a record of a company’s transactions. Thus, one can view a blockchain to be a record of transactions that are hosted and distributed on a network of computers into a chain of blocks.
The first time the concept of blockchain was thought about was by Stuart Haber and W. Scott Stornetta in 1991. The first actual widespread application of blockchain technology was with the launch of Bitcoin in 2009.
Blockchain technology has many use-cases that are not limited to banking & finance, cryptocurrencies, supply chain & logistics, non-fungible tokens, real estate (property records’ keeping), and smart contracts. Blockchains can be operated publicly or privately.
According to projections by Enhancing Financial Innovation & Access (EFInA), a Bill & Melinda Gates Foundation-backed financial sector development organization in Nigeria, Blockchain technology has the potential to add $29 billion to Nigeria’s GDP by 2030.
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