What Is Blockchain, And Why Should You Care?

Analysts at Goldman Sachs define "blockchain" as a type of environment that acts like a "a shared digital ledger of transactions recorded and verified across a network of participants in a tamper-proof chain that is visible to all."

Bitcoin is considered to be the first technology to use the blockchain, as every transaction is recorded and made public. According to Brian Forde, the director of Digital Currency at the MIT Media Lab, governments need to fully understand the impact of blockchain-based applications and understand how the technology might be used to increase trust.

Writing for Tech Crunch, Forde noted that governments are in the very early stages of implementing this new concept. For example, the Governor of Delaware announced his administration plans on registering companies, tracking share movements and managing investor communications in blockchain environment.

Related Link: Goldman Sachs Says Blockchain Could Drive Airbnb To Top Spot For Lodging By 2020

The use of a blockchain-type of system could also offer every person a personal digital medical record that would be accessible by any authorized user at any time, while also being portable and secure in its privacy.

"Ultimately, by supporting the development of public blockchain-based government applications and funding critical research of this promising technology — the next president will have the power to significantly increase trust in government, decrease bureaucracy and protect consumer data based on the feedback from the cryptocurrency community," Forde wrote.

Finally, Forde suggested that Hillary Clinton's recent policy goals for technology and innovation and the use of blockchain government applications is a "positive step forward" in achieving its goals.