Block what? Blockchain! What chain?
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 isBlockchain ?
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 informationS is not centralized in any of the blocks. instead, it’s shared between all, making it completely transparent and safe.
It’s awesome! Completely disruptive, it can be life changing and a feasible tech
Because all data is own by the entire network, which makes it impossible to hack unlike centralized databases.
It’s cost efficient
Unlike centralized databases, where entities have costs to keep all data in one place, blockchain doesn’t have that need
Doesn’t require your trust
Because transactions with blockchain don’t require third party entities, you know that you can exchange goods or services safely
The information contained in the blocks is not owned by anyone, so it’s less vulnerable and more transparent.
All data is trackable and any change would be seen by everyone.
There are many uses for blockchain technology, here are some that can be useful for you…
Internet of Things
Blockchain can be a way of connecting devices and managing internet of things networks.
Auditing & regulation
Blockchain can be a mean to regulate public transactions, insurance or taxes
You can transfer funds directly without requiring a third party stakeholder
Track Supply chains
Monitor and track supply chains with complete transparency, in every stage.
Loyalty reward programs
You can create reliable programs that do not make waste and eliminate fraud or human error.
Blockchain is a 100% private way of managing patient records and track presciption drugs.
You can store data in a blockchain system, to protect it from possible attacks.
With blockchain it's possible to create data marketplaces and share details in a private way.