Blockchain is a general label for a decentralized ledger of all transactions across a P2P network. The entire process takes place without being controlled by a particular entity. Instead, the ledger is distributed among millions of users around the globe. The network is robust, flexible and unhackable.
BitFortune claims that the reason this recent discovery has already made waves lies it its immense potential for causing disruptions in multiple sectors which rely on trust and verifiable record keeping. As blockchain technology confirms transactions without needing a central clearing authority, it quickens the process, lessens additional costs, and creates higher security and these are only a few of the game-changing benefits it brings.
However, what makes this system unique is its ability to form an immutable digital ledger with all information laid out for public display. Once input, all the data are stored in this cryptographically secured ledger and cannot be tampered with or manipulated further by any unauthorized party.
Due to its versatile implementations, various industries may gain massive benefits by using blockchain technology. For example, systems using it will become less prone to cyberattacks. It will also achieve confidentiality, protected communication, accurate tracking, and reduced possibility
Blockchain can change greatly the ways banking, supply chain management, insurance, real estate and others go about their operations. Furthermore, the technology can come in handy if applied in electronic voting systems. Not only the transaction will become publicly viewable but also secure.
As you can imagine, proper usage of blockchain is bound to impact some of the most complex and highly significant industrial sectors.
Check out the infographic below to learn more about this ingenious hybrid of coding and cryptography, and how it may improve at least 16 different industries.