What is Blockchain Technology and What Can It Do?
Blockchain technology is a hot topic. It can be a hard one to wrap your head around too. What with all the interconnected uses, unfamiliar jargon, and misinformation. Today, we’re going to set the record straight with a brief breakdown and share a couple of ways blockchain technology might change the world as we know it.
Hopefully you’ll come away from this article with a better understanding of this exciting technological innovation. Who knows? The next blockchain expert could be lying dormant inside you, ready to break through. Either way, keep feeding that curiosity by asking the right questions and we’ll be waiting, ready to answer them.
What is Blockchain Technology?
Blockchain technology is an innovative new take on data storage. A blockchain is effectively a digital database that stores information through the creation of a series of interconnected and unchangeable blocks. These blocks close as they fill up with information, and are stored in a series of time-stamped data points along what’s referred to as the blockchain.
It’s alright if that didn’t make a lot of sense right away. It is a bit abstract after all. The important thing to remember is that a blockchain creates an infinite database of unchangeable information. It’s a tool capable of storing all sorts of data securely and accurately. With that fresh in our brains, let’s explore a few of the many ways blockchain technology is poised to revolutionize industry and culture.
What Can Blockchain Technology Do?
Now that we got the definitions out of the way, it’s about time we take a look at blockchain technology in action. The breakthrough tech really could change everything, from the way we do business, to the way we elect government officials.
Below you’ll find a brief exploration into the ways in which blockchain could disrupt various sectors.
Might as well start with one you’re likely already familiar with. Blockchain technology has paved the way for the rise of various kinds of cryptocurrencies. Bitcoin, Ethereum, and the like use blockchain technology as the backbone for a digital currency that can be stored, held, and used to make anonymous purchases online.
Hate it or love it, cryptocurrency is already a large player in the finance sector. It may have no inherent value, but its surging popularity has birthed countless parallel businesses and generated billions in investment dollars. Cryptocurrency is certainly here to stay.
Non-fungible tokens, or NFTs, have already disrupted the art community. NFTs use blockchain technology to create real, trackable ownership over unique digital assets. In the case of NFTs, that could mean digital trading cards, art, in-game items, music, and more. Though the initial craze has seemed to have died down, the implication of tangible digital ownership could mean big things for the marketplaces of the future.
Take the guesswork out of dealing with new business partners by harnessing the power of the blockchain. Smart contracts are unchangeable, and can be programmed to automatically initiate the conditions of a deal once a set of predetermined conditions are met.
It’s a powerful tool that eliminates both the potential of contract violations, and the need for costly mediation. It makes negotiations faster and automates the execution of any transaction you want. It’s a remarkable development that’s only just beginning to play a role in international trade.
Healthcare professionals refer to the pending blockchain revolution in medical record data keeping as the HealthChain. Imagine a world where everyone’s medical data can be safely stored in one unchangeable, time-stamped data set. That’s the health chain, and it promises to usher in an era of untold efficiency for hospitals all over the globe.
It can speed up diagnoses, and improve communication between the patient, the doctor, insurance providers, and governmental agencies. The HealthChain is just an idea and a handful of pioneering businesses right now, but don’t be surprised to hear about it landing at a hospital near you sometime soon.
Supply Chain Optimization
Blockchain’s unique ability to securely store data could help supply chain managers optimize their transactions. It can be used to document production, transportation, and location data, and store it in one place. It provides a clear and accurate data source that can be harnessed to eliminate efficiency bottlenecks and improve quality control.
One Giant Leap
Understand the hype yet? Blockchain technology is so much more than crypto and digital collectibles. The revolutionary new data storage mechanism has dramatic implications for just about every industry on the planet, and maybe even beyond. In truth, it’s impossible to know how different society looks after blockchain technology has completed its anticipated takeover.
As you’ve learned today, blockchain technology is already disrupting the finance, gaming, and art community, and may do the same to healthcare, and international trade. We’ll be keeping a close eye on the subject, so that we’re ready to answer your questions along the way.