Blockchain is a type of distributed ledger or decentralised database that keeps records of digital transactions.
A distributed ledger has a network of replicated databases, synchronised via the internet and visible to anyone within the network.
"It (Blockchain) has potential to reframe existing industries like financial services and seed new ones like food provenance and personalised health," said Adrian Turner, Chief Executive of Australia's Commonwealth Scientific and Industrial Research Organisation (CSIRO).
A recent report released by the CSIRO explored plausible adoption scenarios of blockchain in Australia by 2030, while another took a technical approach exploring design alternatives for blockchain systems in uses such as remittance payments and agricultural supply chains.
"The reports demonstrate the benefits of this technology could be profound delivering productivity, security and efficiency gains," suggested Scott Morrison, Australia's Treasurer.
"It will give decision makers in business and government guidance on matters they need to consider in developing a system that uses blockchain technology," Morrison added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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