What is Blockchain?

Blockchain enables the existence of cryptocurrencies like Bitcoin (the one for which this technology was invented) and is a leading artifact in the evolution of the internet.

Therefore, Blockchain distributed ledger is a technology that promises to bring significant efficiencies to global supply chains, financial transactions, asset ledgers, autonomous cars and decentralized social networking.

According to Hackernoon there are plenty of uses of Blockchain aside from cryptocurrencies:

1. Decentralised Internet: platforms to distribute all the functions of the internet over distributed nodes which will increase the resiliency of the world wide web.

2. Smart Contracts: programs that can run functions which are becoming more sophisticated and may diminish the need for standard legal contracts.

3. Decentralised Markets: platforms that will allow trading without having to trust a third party.

4. Distributed Cloud Storage: avoids the need to place faith in large centralised companies where personal data is vulnerable and pricing may escalate.

5. Decentralised Social Networking Sites: sites like Facebook are centralised and are prone to censorship of information.

6. Encrypted Messaging: peer to peer messaging can leverage blockchain technology to encrypt messages and store data bits efficiently on many different computers.

7. Proof of Ownership: items that are purchased could be tracked on the blockchain to demonstrate proof of ownership.

8. Authenticated Voting: blockchain voting technology is verifiable and would allow anybody to and confirm that votes are time stamped and legitimate.

9. Stock exchange: in traditional stockmarket there is typically a delay of 2–3 days for settlement, on a blockchain is more cost effective and provides instant settlement.

10. Real Estate: property titles, transactions and historic value can be built onto the blockchain providing transparency and reducing the time and cost.

In the following infographic we can better understand how this disruptive technology works…

*(Pictures: Digimarc.com & PWC).

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