What can Blockchain do?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems
Blockchain technology has imagination running amok. The technology has grown to the point that it can now be applied to any need for an accurate, trustworthy record. The hype surrounding blockchain technology is quite the result of of how easy it is to dream up a high level use case for the application of blockchain technology.
I will list some of the main areas where blockchain technology can be applied:
Streamline payment processing with high efficiency, fast and secure transactions. Allows global transactions, removing national currency borders. Minimize auditing complexity.
- Cyber security
Increase in decentralized networks, providing lower transactions cost.
Improves drug and medical supply chain integrity, keeps patient database on blockchain, provide transparency and automation within patient to hospital/doctor.
Allows parties to make smart contracts with specially defined rules, expirations dates and allows accessibility for relevant parties.
Bypass public grids to allow for cheaper peer to peer energy transfer. Smart metering capabilities became possible.
Artists retain ownership rights. Aids in anti piracy and copyright infringement. Provide proper compensation for purchased/streamed music.
Due to the characteristics of blockchain technology, there are plenty of areas where blockchain can be applied to improve security, efficiency, transparency. So it's time to get used to blockchain and how it works because in ten years time we will see blockchain technology in every aspects of our daily lives.