What is Blockchain?
– Block what? – Blockchain! – What chain?
Just kidding! ;D You’ve probably heard about blockchain and how it’s used in cryptocurrencies.
But that is just one of its many uses. Blockchain might sound like some sort of whimsical magical digital thingy that is kind of hard to comprehend at first, so in case you’re still trying to figure it out…
What is Blockchain?
Blockchain is a net or chain of digital information blocks. This chain is a public database and each block is linked to the others. This way the information is not centralized in any of the blocks, instead it’s shared between all, making it completely transparent and safe.
And, it’s SO GREAT!
It’s a superhero, life-changing, world-saving technology.
Therefore blockchain can be extremely useful in our daily lives, in situations such as:
- connecting devices and managing internet of things networks;
- Auditing and regulation: Blockchain can be a means to regulate public transactions, insurance, or taxes;
- Payment processing: You can transfer funds directly without resourcing to third-party stakeholders;
- Track Supply chains: Monitor and track supply chains with complete transparency, in every stage;
- Medical data: Blockchain is a 100% private way of managing patient records and track prescription drugs;
- Loyalty rewards programs: You can create retail loyalty programs that do not make waste with paper cards and eliminate fraud or human error;
- Sharing Data: With blockchain, it’s possible to create data marketplaces and exchange information in a completely private way.
- Data backup: You can store data in a blockchain system, to protect it from possible attacks.
In addition to this, there are use cases where blockchain technology is being used and disrupting the paradigms of various industries…
Do you want to know which ones?
Ooooook here goes:
- Waste Management: WaltonChain is using RFID technology to store waste management data on the blockchain in China.
- Journalism: Decentralize journalism enabled by using blockchain technology, has the potential to prevent censorship and increase transparency as Civil is doing.
- Music: Arbit is a blockchain-based project led by the former Guns n Roses drummer, Matt Sorum, seeking a fairer way to reward musicians for their creative effort.
- Fine Art: By storing certificates of authenticity on the blockchain, it’s possible to dramatically reduce art forgeries.
- Healthcare and the Life Sciences: Blockchain-based healthcare solutions will enable faster, more efficient, and more secure medical data management and medical supply tracking. This could significantly improve patient care, facilitate the advancement of medical discoveries, and ensure the authenticity of drugs circulating global markets.
We hope we have given you some ideas on how to implement blockchain solutions in your business. Meanwhile, we are very welcome to ask us anything about it!
Have a techy day!