Blockchain is the next big technology craze that seems to be pushing the limits. Not many around the world are aware of this new concept, but it is already in the news. The rise of Blockchain technology is pushing digital limits to a whole new height and many major businesses groups around the world are showing interest in this new technology. Business giants like, Amazon, Microsoft and IBM are rushing to bring BaaS or (Blockchain As A Service) to the environment. With the way things are headed, it seems that Blockchain will become even more popular, giving businesses around the world more opportunities.
What Is Blockchain?
If you are too overwhelmed with fog computing, cloud and other technological advancements, then the Blockchain is just what the doctor ordered. This new technology behind Bitcoin is taking the world by surprise to say the least. The blockchain is not a financial tool, although it is designed as a general distributed ledger. This is a way to store blocks of cryptographically validated information which users can’t corrupt. To put it simply, it creates a transparent system that anyone can access, but no one can alter. This feature makes Blockchain more than just a financial tool; this is what makes it the best and latest way of validating, sharing or endorsing any kind of value point. It can be used for titles, money, deeds, art, music, intellectual properties, scientific discoveries and even votes.
How Can You Use Blockchain?
Many people want to know how Blockchain technology can be used. Like any new tech disruptor, you need to get creative and try your head around new technologies in the industry. There are however numerous examples of how Blockchain can change business around the globe.
- Blockchain technology comes with the option to eliminate the middleman. It validates its own transactions, so use of a middleman can be reduced, be it real estate agent, art dealer, estimator or music agent. The same holds true for creative licensing. With this new technology, artists the public directly, rather through labels to protect royalties and music.
- Blockchain can manage smart contracts. The all new Blockchain technology smart contracts will not only facilitate the gathering of signatures, but will also ensure enforcement of all these contract’s performance.
- Blockchain provides a type of banking system who don’t have or want a bank account. Blockchain will help them certify and manage their own finances, without working with a financial institution. This technology will keep track of your money digitally and allow it to be processed through an app or phone.
- Blockchain can secure and validate almost everything. From government processes to voter authentication, proof of intellectual property and health information, this technology can securely process almost anything and keep it safe. Because of the Blockchain structure, all these are options safer than standard environments.
- Blockchain will serve as a springboard for the “Internet of Things”. Many people have concerns that the cloud won’t be fast, secure or large enough to handle the influx of information created due to the Internet of Things. Blockchain technology creates highly secure venues for information sharing, much better than the cloud can.
- Blockchain technology is transparent. One of the best features for incorporating the Blockchain technology into the system is that it is completely public. It prevents history from being re-written by allowing information to be extended. The best thing is that information is never changed, making sure that complete integrity of all is involved.