Let’s talk about how blockchain technology is affecting your everyday life. I’d be surprised if you haven’t heard of digital currencies like bitcoin.
What is blockchain?
Blockchain is the innovative technology behind the digital currency. Even if you do not use crypto currencies as they’re called in your business or everyday life, you should be aware of the concept behind the craze because blockchain has so much more to offer than just bitcoin.
We recently published an article on our blog for the finance sector called ‘Blockchain Technology: The Most Disruptive Tech Changing The World,’ and how this technology is revolutionizing the IT and the web hosting world in particular.
Just like the Internet has profoundly changed every facet of human life with ‘smart’ devices and tools, the limitless applications of this technology are going to leave a big mark on economic, social systems too. So, what exactly does ‘Blockchain’ mean and why do I sound so optimistic about its impact on our ordinary lives? For those who haven’t heard of blockchain, it basically refers to the decentralized public ledger that stores a registry of assets and transactions across a peer-to-peer network. So, in easy to understand terms, basically, it is a chain of blocks containing information in the form of a record, transaction, etc. that are linked together permanently and securely through strong encryption. Another important term to understand when talking about blockchain technology is a smart contract.
A smart contract is a piece of digital document with specific actions that are verified by third parties to agree on the terms and conditions set up by the contractors and are stored within a blockchain. Think of how difficult it is for ‘first-time buyers’ to get a mortgage. With blockchain technology and smart contracts, it becomes a little easier and allows you to, possibly, cut out the ‘middle man’, which has the potential to save you money. With blockchain technology, lending organizations can scan for more than just your credit score and look at other factors that may help them determine whether to give you the loan or not. This technology makes collaboration easier and exchanges between multiple parties faster and more open—making many complex, stressful processes less complicated, more transparent and secure. Some of the practical applications of blockchain include online voting and improved health monitoring to de-corrupting charities and even fundraising. We all have a health record for our unique medical conditions and treatments and blockchain technology can make these records available without a central authority demanding a hefty fee in return. Moreover, it ensures anonymity and also maintains the integrity of the information. You already have innumerable interconnected digital devices in your home, which can run processes individually based on Internet Of Things. Blockchain tech can greatly enhance IOT functionality in areas such as security, trust, and lowering costs. Moreover, it can interlink devices and also connect your smartphones with household appliances, so you don’t have to control anything manually.
Now, if that’s not an everyday use of blockchain technology, I don’t know what is!
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