Blockchain technology and how it can improve your business
Popularly known thanks to Bitcoin and cryptocurrencies, blockchain technology is transforming the world as we know it. In this article, we share some key elements to understand the possibilities and the power of blockchain, and how it could revolutionize entire industries.
A blockchain is a distributed database, shared among nodes of a computer network. This database stores digital information structured together holding sets of information, known as blocks. Once the block completes its storage capacity it is closed and chained to the following block with a timestamp, forming the famous chain of data known as a blockchain.
The decentralization in a network of multiple computers prevents a single node from altering the information and maintains the fidelity of the stored data. The way information is recorded in the blockchain makes it impossible to be hacked or modified, meaning it’s traceable, secure, and transparent. There’s a clear and open registry of every movement in the system.
How are blockchains used?
Bitcoin stores data about monetary transactions — and there are also thousands of cryptocurrencies running on this tech. But blockchain can store more types of data other than transactions. Technology, healthcare, and food industries have incorporated this tech to innovate and improve their operations. We share some examples:
- Banking and finance. Integrating blockchain can help institutions exchange funds quicker and safely. Transactions in the stock market can also be processed faster.
- Healthcare. Medical records stored in a blockchain can guarantee that information about the patients won’t be changed.
- Real Estate. Decentralization can eliminate unnecessary costs, and solve high-entry barriers and liquidity shortages. You can read more about it here.
- Supply chains. Suppliers can benefit from the blockchain to record the origin, path, and safety of their products.
- Digital Identities. Blockchain and NFTs can be used to validate identities. This can help achieve a Universal Basic Income to assist people in need without the intermediation of a centralized party. You can read more about a protocol that develops digital IDs here.
Not sure how to implement blockchain in your business? Contact us and let’s take your operations to the next level together! business@rebloxsolutions.com
