CIO from IDG reported that the first state to legalize Blockchain with this description “A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.” The May 4, 2017 article entitled “Is blockchain technology secure for your company’s transactions?” described countries that are embracing Blockchain including “Egypt, India, Oman, Turkey and UAE” and banks including the Bank of England and the People’s Bank of China to name a few. The article explained why Blockchain is secure:
Cryptography secures the records in a blockchain transaction, and each transaction is tied (in the chain) to previous transactions or records. In addition, the transaction records are distributed among and viewable by all participants of a blockchain distributed ledger. An attempt to tamper with the data would require that the hacker also change all the previous records in the blockchain.
CIO from IDG also presented this overview about expanding Blockchain beyond bitcoin:
Organizations worldwide are seeking to take advantage of the new opportunities and disruptive power of blockchain — organizations that understand the magnitude of potential security issues. It has been rigorously tested in pilots and at scale by many governments, institutions and companies that have found the technology is incredibly secure.
Blockchain is for real if you haven’t noticed!