Blockchain: a tool for transformative leaders

Abstract

To deliver the change needed in the developing world, a transformative leader needs to have a vision of a reimagined future and the will to develop systems or infrastructure that consolidate their socially just policies to ensure long-term benefits to the people. To be truly transformative, these policies must be systemised. Blockchain is a technology which enables us to store transactions and other types of information in a digital format. Unlike a typical computer database, information is stored in a ledger format. The database is only appended to and never edited. Each transaction is timestamped to promote traceability. Unlike regular databases, the ledger is replicated and stored on a network of computers. As the ledger is distributed across the network, the term distributed ledger technology is often used to describe a blockchain. Each computer, referred to as a node, constantly verifies the contents of its ledger against every other copy of the ledger stored on the network. A blockchain network can track business information like payments, orders, production processes, etc. Because of how the blocks are stored and verified, the block can't be changed without changing every copy of the blockchain simultaneously, reducing the risk of fraud or exploitation through hacking. Much of a blockchain's value lies in its transparent and shared nature and potential to save costs for the user by reducing system intermediaries. The blockchain systematises trust, negating the need for power brokers.