What is blockchain technology, and how is it being used in various industries, such as finance, supply chain management, and healthcare?

Principles of Management
OER 2019th Edition
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax
Chapter17: Organizational Planning And Controlling
Section17.8: The Control- And Involvement-oriented Approaches To Planning And Controlling
Problem 2Q: What drawbacks or potentials risks do you see in blockchain technology?
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What is blockchain technology, and how is it being used in various industries, such as finance, supply chain management, and healthcare?
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With Bitcoin, a cryptocurrency built on a blockchain, gaining exponential popularity, blockchain technology shot to fame in 2008. Blockchain, however, has its roots in the early 1990s thanks to the work of Stuart Haber and W. Scott Stornetta and the Merkle Tree, which were developed in the late 1980s. Haber and Stornetta imagined a system that operated on a chain of blocks that was cryptographically safe and prevented tampering with the timestamps of the documents.

After that, there was no turning back once Satoshi Nakamoto's whitepaper "Bitcoin: A Peer-to-Peer Electronic Currency System" went viral. But the rise of Bitcoin also served as a soft barrier for blockchain technology. Beyond digital currency and the banking industry, blockchain applications were not very well known until recently.

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