Connecting the Dots Through the Adoption of Blockchain Technologies in Library Services

Concept of Block Chain

According to libguides (2018) Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

According to Hirsh & Alman (2023), blockchain is viewed as a list of records called “blocks” that are linked together using cryptography, and it’s commonly referred to as a “distributed ledger technology.” It is a a figure illustrating the principles of blockchainlong chain of data entries that are theoretically immutable because cryptography is used to secure data using the hash function. A reference is made each time a block is added to the chain creating a date/timestamp. The high level of transparency makes corruption difficult unless more than 51% of the computing (hashing) power is controlled by one or more groups working together within a blockchain network. There are no intermediaries which allows for self-sovereignty of data and collaboration between users.

Overview on The Emergence of Block Chain Technologies

Blockchain technology has been one of the biggest innovations of the 21^st century given the ripple effect it is having on various sectors, from financial to manufacturing as well as education. Unknown to many, is that Blockchain history dates back to the early 1990’s. Since its popularity started growing a few years back, a number of applications have cropped up and its uses in all sectors, education, commerce, banking with the race of adoption of 21^st century digital economies (Goyal, 2018; Haferkorn & Quintana Daiz, 2015; Accenture, 2017).