Blockchain Technology: Undeniable and Boundless Future

how does blockchain technology work

What is Blockchain technology?

Blockchain is the technology on which all cryptocurrencies are built and operate. While it has shaken up the finance world, it is slowly seeping into more and more industries, from health care to energy to music.

Here is a simple video about what is blockchain technology:

How does Blockchain Technology Work?

Simply put, it is a system whereby transactions are conducted and recorded without the dependence on a third party. Instead of a third party, the trust is shared among everyone, and protocols are put into place to maintain the trust. The transactions cannot be altered, and are available for all on the network to view.

You can read more about blockchain here.

Who uses Blockchain Technology?

Many industries have recognized blockchain’s potential to disrupt traditional infrastructure and are starting to integrate the technology into their processes. While the use cases may differ, the benefits are consistent across the board: transparency, immutability, redundancy and security. This pertains to an extensive variety of not only industries but also widely-used processes.

For example, Switzerland successfully implemented the use of this technology into their voting system in Spring, 2018. By using a blockchain-based digital identity system they were able to ensure protection of privacy and voting secrecy. This also allowed them to establish verifiable, unchangeable and comprehensive voting results.

Another example is in the Healthcare field. MedRec are rectifying the notorious issue of scattered and incomplete patient records by adopting blockchain solutions as a means of facilitating data sharing, while maintaining confidentiality and providing authentication.

As the blockchain technology that supports not only cryptocurrency but many other business applications, matures, we are already seeing the real value emerge. The impact of distributed ledger technology may be greater than any of us realize — it has the potential to change economics, business and society, and we’re just beginning to scratch the surface of what’s possible. – Allison Clift-Jennings, Filament

You can further explore what blockchains can do, to understand the full realm of how this technology is going to shape our future.

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