The Impact of Blockchain Technology on the Surveying Industry

In 2008, a research paper was released titled "Bitcoin: A Peer-to-Peer Electronic Cash System." [1] It described the creation and potential use of a new and revolutionary type of money called Bitcoin, the first of many types of cryptocurrencies. Cryptocurrency is a so-called internet-based money - not created by any corporate entity or government - which facilitates online transfers from one person to another (peer-to-peer) without the use of a third party, such as a bank (the so-called intermediaries). To get more news about blockchain field survey, you can visit wikifx.com official website.

The Blockchain

The technology by which Bitcoin or other cryptocurrencies can be transferred to someone or used to make payments for a purchase is called blockchain ("the chain"), a sophisticated and powerful class of software. This revolutionary technology created the world's first genuine decentralized, peer-to-peer monetary system.

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Besides allowing cryptocurrencies to be transferred, blockchain allows for a variety of types of digital information or data ("digital assets) to be shared or distributed.
Simply put, the structure of a blockchain is composed of three core parts:

1. Information is posted to the chain (each transaction is called a "block") and each block is time-stamped,

2. A mathematical/algorithm hash, links subsequent blocks of information placed on the blockchain,

3. Blockchain management is conducted by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks of information.

A blockchain maintains a continuously growing list of transactions or uploaded digital data, time-stamped with the hash of the previous block connecting to the next block to preserve the chain integrity.
Blockchain as a Distributed Ledger

Blockchain is often referred to as Distributed Ledger Technology (DLT) where data is stored across a network of decentralized nodes or computers. It creates permanent records and histories of transactions potentially representing everything from cyrptocurrencies to other assets such as stocks or bonds, maps, a property deed, health care records and so on.

By allowing digital information to be distributed, blockchain created the backbone of a new type of internet. Far-ranging and creative uses are now being explored for adoption in a wide variety of industries and business sectors such as healthcare, insurance, music and entertainment, supply chain, energy management, law enforcement, real estate and many others.

II. THE SURVEYING INDUSTRY

Surveying and its techniques and science have been employed in construction and land development since ancient times.

Babylonians used surveying methods to build the pyramids. The Romans used them to mark the boundaries of their empire. Today, surveying has taken on specific functions. The main types are land, mining, engineering and hydrographic. Other spatial science fields include geodesy, topographic surveying, remote sensing, geospatial and Geographic Information Systems (GIS).

Surveyors are licensed professionals with academic and technical credentials. Surveying activities or tasks, like many other aspects of real estate, can benefit with blockchain adoption.