There have been a bunch of news stories lately about various branches of the Government of Pakistan (GoP) pulling in seemingly opposite directions as far as electronic money transfer goes.
The United Nation’s World Food Programme (WFP) is testing the use of Blockchain technology for cash transfers in Pakistan.
The Bitcoin Blockchain is the distributed transaction ledger that records every bitcoin transaction that has ever taken place. The ledger is secured using cryptography. Transactions are bundled together in the form of “blocks” and miners around the world compete to add these blocks to the blockchain. To add a block to the chain they have to do a lot of repetitive calculations of sha256sum hashes. If they succeed to find the right hash they get to add a block of transactions to the chain.