Blockchain

Blockchain

Blockchain

I have been aware of blockchain technology since 2010 when I came across an article on the subject, however, I was slow to realize the extent of the possibilities of the technology until mid-2015 when I started reading up on the topic.

At its core blockchain is relatively easy to understand. The blockchain is a public ledger where transactions are recorded and confirmed anonymously. It’s a record of events that is shared between many parties. More importantly, once information is entered, it cannot be altered. So the blockchain is a public record of transactions.

The blockchain was initially created to track the transactions (purchase/selling) of cryptocurrancies but it can be used for much more. Here are some examples:

Ownership Trading – The technology can be used to track any type of digital asset be that tickets, merchandise (digital down load of software, music), products, subscriptions among many others. See Peertracks

File Storage – Peer to Peer file sharing networks removes the need for centralized databases and heavy storage areas. IPFS (Planetary File System) – an innovative protocol is complimenting this big change. See  Storj

Voting, Authorization, and Authentication. An increasing number of organizations and political parties have proposed the creation of a blockchain-based system to build a fairer and more transparent voting environment. See Factom

The list of projects is endless. See below for some applications in FinTech:

UKF_web_dash11.jpg

 

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