Blockchain is a buzzword for quite some time now. But a few really understand what this technology is about and how it can transform many industries. This article is first in a series of articles that will try to paint a picture of how this amazing technology is reshaping the world as we know it. And at the same time helping individuals and businesses to be less dependent on centralized authorities, more efficient and, in general, achieve many things unimaginable up until now.
What is blockchain?
Blockchain is simply a record of information stored in a decentralized fashion and protected by cryptography. Imagine a Google document that anyone has access to but the information in it cannot be changed, and new information can only be added if the majority of people that use it agree that new information is accurate. Don and Alex Tapscott, authors of the book Blockchain Revolution, describe it as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value”.
Infamous Bitcoin and blockchain use-cases
This definition gives us a hint that potential applications of blockchain technology are almost countless.
First, and currently the most popular one, is, of course, cryptocurrency, represented by the decade-old leader of the pack - Bitcoin. Bitcoin is the first wide-known application of blockchain technology invented by a mysterious individual or group of people under pseudonymous Satoshi Nakamoto. It was invented during 2008 as the answer to many flaws of the traditional financial system, exemplified by the Great financial crisis and recent crazy money-printing by world governments to address the consequences of COVID-19.
The financial revolution started by the invention of Bitcoin was only the light that started the fire of innovation in various sectors. Apart from the financial industry which is most disrupted by blockchain at the moment, it is also transforming global trade and commerce, real estate, identity management, energy, media, government as well as many other sectors.
Blockchain is only warming up for the real deal. Many compare the current state of development of this novel technology with the early days of the internet. LinkedIn’s Research according to which blockchain is the top sought-after skill of 2020 just confirms this thesis. Therefore, it is not hard to conclude that every serious business should pay attention to the blockchain and start building and offering the solutions that include it.
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