Blockchain is the technology platform that enables bitcoin to operate. It has great potential for many other uses than crypto currencies. We plan to bring attention to these other uses of blockchain here.
In our opinion, blockchain can be somewhat confusing. One reason is it’s a new perspective which takes time for the brain to comprehend. A second reason is that many of the writings about blockchain are fairly technical in nature and difficult for a non-technical person to understand. Our goal is to simplify
blockchain for our readers. So let’s begin by defining blockchain –
Blockchain is a distributed record of transactions or other data, maintained by a network of computers on the internet without the need for approval from a central authority. The blockchain creates a shared record of data that is virtually tamper-proof.
What are the implications? In the words of Marc Andreesen, Internet Hall-of-Famer, “The practical consequence… is for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone
knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequence of this breakthrough is hard to overstate.”
The term distributed ledger is often used when defining blockchain. What is it? A distributed ledger is an umbrella term for technologies, including blockchain, where computers certify transactions in a shared record.
Blockchain has huge potential to bring cost savings, significantly improved security, transparency and faster transactions for members of a blockchain community.
Blockchain will impact many important industries including Financial Services, Insurance, Logistics and Supply Chain, Healthcare, Real Estate and Government. Blockchain initiatives are underway at major organizations including Walmart, Visa, FedEx, Unilever, Kroger, J.P. Morgan and Microsoft.
Our second article will describe details about the blockchain initiatives at these organizations and the benefits they plan to receive. Click the button below to access the article.
Don Tapscott’s short TED Talk, “How the Blockchain is Changing Money and Business” provides an outstanding primer on blockchain and its potential for major impact in our world. You will find it to be a worthwhile 18 minute investment of your time.
For a deeper dive into the advantages and disadvantages of blockchain and a non-technical description of blockchain applications currently underway, click the button below. (Button or link to article #2.)