Feds explore potential of ‘blockchain,’ billed as next-gen Internet technology
OTTAWA — An emerging technology has caught the eye of the innovation-obsessed federal government — a platform so packed with potential, many experts believe it could comprise the foundation for the next generation of the Internet.
Blockchain, as it’s known, holds a vast amount of promise for transforming business sectors and the lives of ordinary people around the world, although some say it’s too early to say how broad the technology’s reach could be.
Like a giant digital bulletin board, blockchain creates an online ledger or database where records — financial transactions, for instance — can be shared, moved and maintained on a transparent network, all without compromising security.
With such activities available to be seen by a blockchain’s many collaborators, the system is inherently secure, making it far less vulnerable to tampering, hacking and corruption than current systems, which depend on information being managed by intermediaries.