Do you have suggestions for how the Coast Guard can use blockchain technology? Help the service improve operational readiness by sharing your ideas.
What is blockchain?
A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in a single list, called a chain. The "block" represents the digital information while the "chain" refers to a public database.
What are the benefits of blockchain?
Because blockchain is a system of permanent and unalterable blocks, it is widely accepted as a secure way of maintaining records. This type of security is simply not found with other record management systems.
Blockchain also uses peer-to-peer encryption, which reinforces its security — one needs a private key to view the blockchain itself. Like a password-protected document, only individuals with unique private keys can enter in and add to a certain blockchain. However, unlike passwords that are easily hackable or just easy to guess, the private keys necessary to access a blockchain are computer generated using complex algorithms.
Blockchain relies heavily on cryptography to achieve data security.
How can the Coast Guard use blockchain?
The Coast Guard is turning to members of its workforce to discover blockchain use cases where the Service can best implement this technology. Submit your ideas to the new Blockchain Use Cases Challenge.
Resources
- For questions, please contact the RDT&E and Innovation Program at Innovation@uscg.mil.