Blockchain technology is most widely known as being what underpins the infamous Bitcoin cryptocurrency. Many people struggle to understand, let alone explain exactly what it is and how it works, but nevertheless it is set to not only transform the world of finance, but also the way businesses operate.
Keeping things simple, a blockchain is a way of recording data. It’s being adopted at mass scale by businesses all around the world due to the fact that when data is added to the blockchain, it cannot be changed, reversed or tampered with.
It’s secure from hackers because for one to hack a blockchain and try to change a particular transaction, they would need access to every single computer in the network, of which there are thousands all around the world, each one controlled and operated by individuals or mining pools.
This new way of recording data is set to revolutionise the process of data storage, an important part in the mechanics of almost every business & organisation on the planet!
Who will benefit from blockchain technology:
- Land ownership information can be safely stored. Paper records can be lost & damaged, and even in places where electronic records are kept, they are still open to being hacked and changed.
- Vehicle history & ownership records can be recorded in the blockchain.
- All kinds of certification can be created and stored in the blockchain. Qualifications, marriage certificates, birth certificates and death certificates, making identity fraud much more difficult.
- Driving licenses
- Digital voting! Fair voting is essential for democracy to work. Voting on pieces of paper can easily be tampered with and the results rigged. Blockchain makes this possibility almost impossible.
- Smart contracts! Legally binding contracts can be created using blockchain technology and automated to execute the outcome depending upon the terms.
- Health records can be stored safely and more securely.
- Track tax payments
- Ownership of any kind of asset can be logged and stored in the blockchain
- Information can be added to the blockchain to be looked back upon in years to come should it need to be verified as being true. Receipts for purchases for example when it comes to insurance claims and verifying ownership of items being claimed for.
There are literally hundreds of possible applications for block-chain technology and every day more and more organisations are announcing they’re working on block-chain powered projects. The technology is evolving at an even faster pace to keep up with and accomodate increasing demand for block-chain services, and soon it is likely that block-chain will be as commonly used word as the internet is today.
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