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Blockchain is truly a revolutionary piece of technology. It came about in the form of Bitcoin in 2009, which was blockchain’s first practical application. As Bitcoin accumulated the massive popularity it enjoys today, eyes began turning on the blockchain platform itself. The world soon began to realize the massive potential blockchain technology has outside of cryptocurrency.
Blockchain is a cryptography-based, distributed ledger that has a unique approach to data storage and transfer.
The information stored on it is easily accessible to all members of a network, and changes to the platform do not require third-party approval. This means that any transfer is purely peer-to-peer, removing any red tape that is usually involved. All that’s needed is the approval of the majority of the blockchain users on the network.
Additionally, the blockchain is fully transparent and immutable, meaning that no string of code gets hidden or erased. The benefit of this is that no foul play can go down behind the scenes, since the platform allows for no secrecy, as far as its data is concerned.
However, your precious information (such as social security number) is safe from prying eyes, because access to the network only requires an identity string which reveals no personal data.
This kind of data storage lends itself excellently to a wide array of industries.
Banking, for one, can benefit tremendously from blockchain implementation. Banks tend to get weighed down by a heavy amount of bureaucracy that slows virtually all of its tasks significantly. They also suffer from various vulnerabilities to cyber attacks.
A blockchain system, however, would greatly improve their safety, mainly because of its decentralized nature, since there exists no central database for hackers to target. And seeing that it works on a peer-to-peer basis, all transfers and interactions between parties would occur far more rapidly.
There are many more sectors that blockchain could revolutionise. You can find out which these are and how the paradigm shift would happen in the excellent infographic that follows. Here you will see exactly how blockchain can better various industries, in addition to other useful information about it and its implementation.
Stefan Ateljevic, Head of Content and Community Manager at <BitFortune>. With an extensive background in content creation and love of all things regarding cryptocurrencies, Stefan passionately works to help people understand the benefits and potential of the crypto industry. Outside of work, Stefan enjoys learning about the new tech and innovations in the IT industry.