Department of Education

Region I
SCHOOLS DIVISION OFFICE I PANGASINAN
BAYAMBANG NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL
Bayambang, Pangasinan

Blockchain Technology
(A Concept Paper)

Submitted by:

JOLINA A. VELASCO
Grade XI- Wisdom (STEM)

Submitted to:

MR. VINCENT R. CAPANANG

EAPP Teacher

May 21, 2021

 Blockchain Technology
by Jolina A. Velasco

In recent years life in this world gets a lot more comfortable and easy, with all of

the needs of humans are just in their fingertips. While the advancements are taken for

granted, it is important to know that this is the outcome of hundreds of years of

technological advancement and innovation. Most people all over the world have

benefited from improved technology in the sectors of the economy, culture, education,

and protection. Many industries, such as industrial production, financing, and security,

developing every year. The blockchain technology was one of the best examples of

these advancements.

Blockchain technology is a cryptographic blockchain that can be accessed and

shared simultaneously through a massive, transparent, and widely distributed network.

The term "blockchain" refers to the configuration of the system, which consists of

individual documents called blocks that are joined together in a single list called a chain.

While the word ‘technology” comes from two Greek words, transliterated techne and

logos. Blockchain technology made its public debut in 2008, when Satoshi Nakamoto,

whose true identity is still unknown, published the whitepaper "Bitcoin: A Peer-to-Peer

Electronic Cash System.". It consists of three important concepts: blocks, nodes and

miners. The peer-to-peer information systems that governs Bitcoin, has evolved over

the past decade into one of today's most ground-breaking inventions, with the ability to

change any field from finance to manufacturing to education. Because of this feature of

blockchain, transactions can only include two parties: the sender and the recipient.
 Blockchain is a distributed, decentralized ledger that makes documenting

transactions and managing assets in a business network much easier. In a blockchain

network, almost anything of significance can be tracked and shared, decreasing risk

and cutting costs for all parties involved. People may envision an environment where

contracts are encoded in digital code and maintained in open, public libraries that are

secure from deletion, tampering, and revision using blockchain. Lawyers, brokers, and

bankers will no longer be needed as intermediaries. Individuals, entities, computers,

and algorithms will be able to freely transact and interact with one another. This is

blockchain's enormous promise.

In conclusion, blockchain technology can transform industry and reshape

businesses and societies. People are enthusiastic about its future, but they are

concerned about the publicity. According to Fred Ehrsam, a co-founder and managing

partner of cryptocurrency venture company Paradigm and an American business

executive and businessman “While it may seem scarier in the earlier days, I think

ultimately the blockchain creates a safer world.” The fact that new applications for

blockchain technology are being developed on a continuous basis. As a result, whether

the individuals participate in the digital currency industry or not, it's beneficial to

understand about blockchain and how it can be used to change the enterprise and

finance worlds. Judging by its success and increased use, it seems that blockchain

technology is poised to rule the digital world of the near future.

 REFERENCES

A. INTERNET

Marr B. (2018). A Very Brief History Of Blockchain Technology Everyone Should Read.
Retrieved May 21, 2021
https://www.forbes.com/sites/bernardmarr/a-very-brief-history-of-blockchain-
technology-everyone-should-read

Blockchain [Def. 1.]. (n.d.). In Merriam- Webster Online. Retrieved May 21, 2021
https://www.merriam-webster.com/dictionary/bee

Ehrsam F. (n.d.). “While it may seem scarier in the earlier days, I think ultimately the
blockchain creates a safer world.”  Retrieved May 21, 2021

https://techpikk.com/blog/blockchain-quotes-best-list-technology-revolution/

International Business Machines Corporation (2020). What is Blockchain Technology.

Retrieved May 21, 2021

https://www.ibm.com/topics/what-is-blockchain

Lansiti M., Lakhani K. (2017) The Truth About Blockchain. Retrieved May 21, 2021

https://hbr.org/2017/01/the-truth-about-blockchain