Blockchain is considered the most disruptive technology today, a technology that will affect virtually every sector and every day commercial transaction.
But what is blockchain technology? And is the hype surrounding it justified?
Yes, to answer the second question.
But let us first explain what it is and dispel some of the myths associated with it.
In very simple terms, it is a shared database on a network of computers. At first glance, this does not seem much different from the existing Internet database technologies, but what sets it apart from others is that once a record is added to the database, it is almost impossible to modify it .
In this system, the information is stored in blocks. Once the information for an individual block has been finalized, it is added to the general ledger. The ledger then links this block to the previous blocks, forming a chain. That's why the system was called "blockchain".
The big book is run on many computers and is transparent to everyone. Once saved, the data can not be altered or hidden from anyone.
Let's see what these industries are and how the blockchain could disrupt our world.
Blockchain technology is expected to fundamentally change banking operations as we know them over the next 10 years, which will speed up transactions, reduce costs, improve security and better keep records.
About 90% of banks in North America and Europe are already exploring blockchain solutions. Research suggests that it could potentially reduce the cost of banking infrastructure by 30%.
The use of blockchain technology for cybersecurity has the following potential benefits: confidentiality, decentralization, accurate tracking, smart contracts, and the reduction or complete elimination of fraud and errors.
For example, the DARPA (United States Agency for Advanced Research Projects) uses the KSI (Keyless Signature Structure) to protect sensitive military data.
Energy is another industry that will surely be disrupted by blockchain technology . However, consumers will only benefit from it. Moreover, this is already happening.
For example, residents of Brooklyn's Park Slope area can sell electricity generated using rooftop solar panels through a Siemens micro-grid.
The microgrid database is an online accounting system that uses blockchain technology to save energy data. In addition to being effective, the system is inherently tamper-proof and inexpensive.
Blockchain technology promises to provide the security, integrity and transparency needed for voting systems around the world. It could potentially be used to secure the electronic voting system against forgery.
Ongoing research on how to use it to develop a verifiable and end-to-end voting infrastructure is rather promising.
That is why blockchain technology can be a disruptive force even in the political and social spheres.
Want to know more? Check out the infographic below.
Hello! I am Vipul, a professional blogger and online advertiser based in New Delhi, India. Always looking for new ways to make money, I detail all the opportunities that can help anyone to make money. You can connect with me on Twitter Linkedin & Facebook