Blockchain is mainly associated with Bitcoin, a form of cryptocurrency that is fast gaining popularity worldwide. What many people don’t realise is that its uses extend far beyond digital currencies.
The digital era we live in nowadays has changed every industry all over the world. Changing technology has affected banking systems, medical technology, retail systems and transportation systems among others.
One digital disruptor that has changed the way in which organisations operate is Blockchain.
Blockchain essentially allows consumers and suppliers to connect directly, removing the need for a third party. It also provides a decentralised database or “digital ledger” of transactions that everyone on the network can see. This way the technology stops the same Bitcoin being spent more than once.
This network is a chain of computers that must all approve an exchange before it can be verified and recorded.
Blockchain stores the details of every transaction of the digital currency.
Once the transaction has been approved as valid, the block is added to the chain.
Why Blockchain is so revolutionary:
The technology can work for almost every type of transaction involving value, including money, goods and property.
Using this technology could help to reduce fraud, as each transaction is recorded in a transparent manner.
Blockchain could also be useful for migrants who need to send money back to family in countries where banking is difficult. Making cross-border payments using Blockchain is simple and hassle-free.
More big corporations are interested in adopting Blockchain, such as IBM, PwC and Microsoft. The world’s biggest organisations are looking at the blockchain technology as a means to improve their existing services, systems and products by leveraging its key features: security, transparency, full life-cycle transaction history, real-time, immutability and cost-efficiency.
More Silicon Valley venture capitalists are backing it.
