Many would have heard of cryptocurrencies like Bitcoin which is based on blockchain technology. But what is blockchain? And are there other uses for it apart from minting digital coins?
Simply put, blockchain is a record of transactions designed to store and synchronise information across all participants in a network. Blockchain provides the well-needed transparency and security in transactions that would otherwise involve multiple parties and large amounts of data.
Blockchain technology has three distinguishing properties: Decentralisation, transparency, and immutability and integrity.
- Firstly, blockchain does not have a centralised database, but stores data across the participants' devices. All information is time-stamped and interlinked across its network. This eliminates the risks that come with centralised data, such as vulnerability to hacking.
- Secondly, transparency automatically allows every participant to access and maintain a copy of the record. As a result, any information recorded will be consistent, and if data in one block was changed, it will be obvious to the rest of the participants that it had been tampered with.
- Finally, immutability and integrity. The records are unchangeable by design to prevent data modification. All blockchain networks must follow a specific protocol to validate new blocks of data. Once recorded, the data in any given block cannot be altered without changing all the subsequent blocks, which requires the agreement of the network majority.
The benefits of blockchain include better security, more accurate tracking, and greater transparency of records and activities. That is why blockchain applications are starting to replace many centralised systems beyond the financial industry. The creative and art industries are also using blockchain to protect intellectual property.
In HTX, we are exploring the use of blockchain to improve how HTD officers handle investigation evidence for forensic analysis. By leveraging on blockchain, a chain of custody could be created to track the control, transfer and analysis of evidence. This will preserve the evidence’s data integrity and prevent its contamination.
