In recent years, people have talked more about the transformative capabilities of the blockchain. This distributed, encrypted ledger technology has brought unprecedented momentum to the development of Bitcoin. This article will introduce some key facts that people should know about blockchain technology:
- Blockchain is widely regarded as a tool that will change many industries because it is based on a trust system.
- Blockchain can be public or private. Anyone who accesses the blockchain can view the entire chain, and all participants can see any changes made to the ledger. The ledger is constantly updated and each participant has its own copy.
- Blockchain can help banks save billions of dollars. American Express is using technology developed by a company called Ripple that enables some of its transactions to be processed using the blockchain. It enables international transactions to take place immediately, rather than days. Accenture, the world ’s largest multinational company in management consulting, information technology and business process outsourcing, said that if this technology is widely used, banks could save more than $ 8 billion annually.
- Blockchain is already improving scientific research. According to a recent blog of Scientific American, about 2.5 million scientific studies are published each year, making it difficult for researchers to verify the results. But the blockchain makes it easier and faster to share, verify, and authenticate information, while also making it almost impossible to change the data in it.
- The adoption of blockchain may bring revolutionary changes to the global shipping industry. Logistics for companies that use dozens of routes to transport cargo around the world is a complex matter. Blockchain can simplify this process, and it only takes a few minutes instead of days. Blockchain technology may be the catalyst behind the industry’s biggest change since container size standardization in the 1960s. The benefit for consumers is that as companies save time and money in the organization, the cost of goods sold around the world will fall.
- Blockchain can facilitate food recalls. Walmart has started using blockchain technology to track the origin of some products so that it can determine the source of bad food in the event of a recall. It is currently working with IBM to track food. In a test scenario, Wal-Mart was able to determine in two seconds where some bad products came from, instead of using their current system to get results in just a week. In addition to working with Walmart, IBM is also working with grocery stores such as Kroger to implement blockchain technology in the food supply chain. IBM also signed blockchain cooperation contracts with seven major banks.
- Blockchain can completely change the preservation of medical records. Currently, your medical records may be difficult to obtain because they are kept in different doctors’ offices and hospitals. But some companies, such as Proof Work, are contacting the blockchain to set up a system where patients can access their own medical records without having to contact their doctor’s office.
- Blockchain can be used to manage electricity usage by power companies. In addition, it can modernize the way power users share usage information with their utility providers by securely sending their monthly consumption to a decentralized ledger. In one case, some residents of New York built their own “microgrid” using blockchain technology, using solar panels to generate electricity, and then selling it to other neighbors.