Statii News: What is Blockchain And Where It’s Being Used?

Friday, 9 November 2018

What is Blockchain And Where It’s Being Used?

Blockchain has recently become a hype that most people have heard of but are not sure exactly what it is or how it works. It is said that this revolutionary technology is already disrupting many industries. As you’ll be able to see from the infographic provided below, this technology will soon be implemented in many areas of our everyday life.

Blockchain works as an online and transparent public ledger where anyone could make changes, provided they do it in a legitimate way.

When somebody makes a change to the ledger, this information is first verified by other peers on the network and then added to a block of data. These blocks are added succeedingly, where each one of them contains data from the previous blocks.

Such structure resembles a chain-like structure, which is where the name ‘blockchain’ comes from.

Generally speaking, blockchain is credited for being quite handy for sending and storing data, pretty fast, secure, and tamper-proof.

For these reasons, 80% of banks are expected to start using the technology by 2020, while 33% of level-C CEO’s are either already using or investigating how to implement it within their businesses. By doing so, they could potentially cut the running costs by even 70%.

Blockchain is also being used in the healthcare industry as an accurate and safe database system. Here, medical personnel could quickly and easily retrieve relevant medical data about a patient’s entire health history. Could you imagine the time and energy saved by such an efficient system?

This technology found its way even in national and local elections. Since blockchain-based voting system can’t be tampered with, many cities and countries are exploring how they could use it for the future elections.

Logistics and international cargo is another industry where blockchain is being used. For example, Maersk and IBM created such solutions which help them in better shipments management.

In one word, the blockchain technology is extremely powerful and is already changing the world of data management, which is why so many companies and people are exploring it’s yet unseen potentials. To find more information on which industries are already using it, scroll down and check the exciting infographic.