Blockchain isn’t a household name—yet—but it soon will be.
You’ve probably heard of Bitcoin.
Blockchain is simply the technology that helps drive it, and a very sophisticated technology indeed. Using cryptography to keep things safe and secure, it relies on a decentralized database, allowing consumers and suppliers to connect directly, removing the need for the middleman, like a bank, while making sure that records cannot be meddled with once they’re confirmed.
Bitcoin is the next big thing in currency, meaning that blockchain is the next big thing in tech. But where else could this revolutionary invention be used?
A lot of people don’t like the idea of putting all of their trust into the current methods of online transactions, and bitcoin is able to change things in that respect, as it makes it far less likely for customers to become victims of fraud. You can already play at an online bitcoin casino, which is great news for anyone who’s a fan of online security.
The blockchain technology stores every transaction of the currency, making it transparent and impossible to duplicate the same bitcoin payment or steal funds.
Admittedly, the way that music is currently shared throughout the Internet is pretty unfair for artists. But there are plenty of companies approaching this with the view of ensuring that artists should be directly paid what they’re owed, without having others take an unfair share of the pot.
Blockchain would also make contracts a lot easier, making licensing issues a thing of the past. The aim is to allow users to listen to music and use blockchain to directly pay the artists without the need for an intermediary. Education, Healthcare & Government
With blockchain, it’s not all fun and games in terms of its uses! Education could see massive changes as in the case of the Holberton School in California. They recognized blockchain’s ability to encrypt data and avoid forgery, and so they track academic credentials using the system.
Healthcare can also make use of this technology, providing a central system where different providers could communicate more effectively and thus do their jobs to a higher standard.
When it comes to government, voting is another area which could be changed forever using blockchain, which could serve as a medium for casting, counting and tracking votes which wouldn’t be open to voter fraud—or allegations of it. Voters would be able to see the results themselves, so there would be no question that the final result was accurate.
Blockchain is accountable and allows for auditing by each and every individual involved – they could verify for themselves that nothing illegitimate or underhand was happening.
So many industries are lining up to back blockchain, and it’s really easy to see why. In fact, blockchain is even being heralded as something that can change the world, placing more money into the hands of those who deserve it and helping to stop social inequality in the meantime.
It could effectively ensure that major conglomerates become a thing of the past, and help make sure that the little guy has a chance. But who knows? It’s an exciting time, and you’re going to want to keep an eye on things.
Chris Evans says
We are seeing the blockchain tech being implemented by numerous companies nowadays including the iGaming sector. Various blockchain games are being developed as well. That said, I’m feeling confident Bitcoin will surpass credit card companies and be the internet payment protocol of choice despite of the setbacks.