Blockchain

Blockchain

May 27, 2017

Blockchains are a new concern in electronic discovery.   The basic technology was developed back in 2008.  Its first use was for bitcoins as means to prevent double spending - or the use of a digital token more than once.   Timestamped transactions are recorded in a public ledger in such way that they cannot be altered.    Data in a blockchain cannot be changed once is is recorded.  Blockchains use distributed databases - there are multiple storage devices - not linked to a common processor.    So a blockchain is stored on many different computers simultaneously.   Each block in the chain has a hash value from the previous block.  The integrity of the block chain is confirmed by the network.   

 

IBM, Ernst & Young, KPMG, PwC, and Deloitte are all developing private blockchains.   It is also being used to store medical records. 

 

 

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