Blockchain Technology Explained

Blockchain Technology Explained

By: Kyle James - Posted in:
Currency from blockchain technology putting coins into wallets

Blockchain technology explained–  a public or private group of digital records, also known as blocks, that securely identify all parties involved in a transaction.

The technology’s popularity is even beginning to surpass Bitcoin- the most popular cryptocurrency. Blockchain is what Bitcoin is built upon, however, Bitcoin’s disruption to the monetary system made it more commonly known than its underlying technology.

As more people gained interest in Bitcoin, they started to discover Blockchain. Even those who did not understand its technical components became curious as to what else it could be used for. Although there is much confusion surrounding its makeup, WealthHunters provides you with Blockchain technology explained in laymen’s terms.

Blockchain Technology Made Simple

Simply put, Blockchain technology provides security and clarity to digital transactions. This is displayed in several different ways.

  • Its ability to share information, without the threat of duplication, makes it a safe and logical choice for most industries.
  • Its ability to increase transparency, autonomy, and accountability amongst financial transactions provides revolutionary solutions in numerous industries.

Industries Using Blockchain

The fishing industry is one of many industries taking advantage of Blockchain technology. Tracking the fish’s journey from ocean to table provides a more accountable way of doing business in the fishing industry.

In the graphic arts industry, Kodak is developing an incredible use case! Kodak uses the technology to protect their artists by creating permanent and immutable records of ownership for images.

In the technology industry, IBM uses Blockchain technology in a variety of ways- especially in their partnership with Walmart. The two companies combined to use the technology for food safety- tracking the food supply chain to bring clarity to what we eat!

However, IBM did not stop there- they went as far as creating their own collaborative, open-source platform called IBM HyperLedger. The IBM HyperLedger is an open-source framework that allows businesses to easily use smart contracts and conduct secure financial transactions.

Blockchain Technology’s Rapid Industrial Growth

Most major corporations consider the effective utilization of Blockchain technology imperative to their future growth. Here lies an opportunity to gain a competitive advantage by weaving the technology of the future into modern business models. Corporations invest millions every year to staying ahead of the technological curve, and blockchain is beginning to receive a significant portion of business investment capital.

Furthermore, venture capitalists are piling cash into Blockchain startups- paving the way for massive future growth. In fact, according to TechCrunch, Blockchain investments by venture capitalists more than doubled from 2017 to 2018- totaling more than $1.2 Billion!

Furthermore, Blockchain is gaining popularity in even with the average individual. As the term becomes more frequently mentioned on television and casual conversation, more people are searching the internet  Blockchain technology explained in laymen’s terms to understand what all of the fuss is about.

Businesses are also seeking to get a better understanding of the technology and how it is relevant to their business model. In fact, the number of companies researching Blockchain technology increased by 24% in 2018. The increase of business research into Blockchain technology foreshadows its implementation into global business growth for decades to come.

Blockchain Technology Explained Further

Touted as the best technology invention since the internet, Blockchain technology explained the world’s hidden need for trust in business. With Blockchain, the need for a central governing authority involved in financial transactions is removed.

But how does this happen?

Consider it as the neutral third party in any transaction. It provides an option that is secure, quick, and cheap. Despite the complexity involved in its creation, its use is easier to understand.

In simplistic terms, this technology allows value exchange without the need for trust or central authority such as banks or governments. Blockchain technology is seen as a neutral third party in transactions and provides an option that is secure, quick, and cheap.

Industries Blockchain Technology Will Disrupt

Blockchain technology began disrupting several industries beginning with banking. This new technology threatens the banking industry the same way the internet did with traditional media. The technology gives everyone access to financial freedom. Bitcoin allows borderless money exchange for a small fee.

Advanced cryptography makes hacking a challenge and can easily disrupt the Cyber Security industry. If the infrastructure itself has security programmed into it, the need to have a third party help with security is decreased.

This new technology also benefits the Supply Chain Management industry. Transactions placed in permanent, decentralized records eliminate the need for companies or individuals to track the supply chain.

Furthermore, Blockchain technology massively threatens the Real Estate industry. The innovative technology simplifies the process of buying or selling a home by reducing the paperwork and intermediaries involved. Smart contracts replace much of the traditional paperwork. Because there is less paperwork and increased transparency, the real estate agent becomes more obsolete. Thus, the commission paid to a real estate agent can either be reduced or eliminated altogether. Lastly, property records will be easier to locate.

It also changes the approach for research, consulting, analysis, and forecasting. Online platforms, like Augur, create prediction markets that help provide information using global decentralized prediction markets. Furthermore, Blockchain technology has future use cases that even the brightest minds of our times have yet to discover.

Blockchain Technology Disrupting Even More Industries!

Networking also faces disruption because Blockchain technology creates a new concept called ADEPT. ADEPT creates a decentralized network of IoT devices. This eliminates the need for a central location to handle communications. These devices communicate to each other directly to update software, manage bugs, and monitor energy usage.

Insurance builds on trust management. The new technology facilitates a new way of managing trust and verifies many types of data in insurance contracts. Integrating real world data helps in facilitating critical data.

The Ridesharing landscape benefits from peer-to-peer ride sharing apps. This allows car owners and users to arrange terms and conditions without third party providers. This technology provides endless possibilities for useful peer-to-peer ride sharing apps.

Hacking, data loss, and human error threaten the reliability of cloud storage. Blockchain increases cloud security- making  itmore formidable against attacks.

Corruption threatens charities’ transparency. It allows for the tracking of donations and ensures they are used for their intended purpose.

Society benefits from the new technology in many ways including voting. It provides immutable, publicly-viewable ledger of votes to make elections more fair and democratic. 

Obviously, Blockchain technology changes more than just money, it changes the world.

Blockchain Startups to Watch in 2018

Blockchain startups contribute greatly to this phenomenon by creating innovative use cases. Businesses now have a new technology to make old approaches obsolete. Thus, innovative Blockchain startups can change the way business is conducted.

source: dadi app

Start up Decentralized Architecture for a Democratic Internet, or DADI, leads the list. DADI aims to launch the foundations for a faster, safer, and more fair internet. Basing it on peer-to-peer interaction eliminates control from large tech companies.

DADI uses spare computer power in homes and businesses to decrease internet costs for homes and businesses. It recently received funding and was built by experts with key roles at BBC, Barclays, Diesel, Renault and Nike. 

source: medicalchain.com

Medicalchain takes advantage of the technology to contribute to the legitimacy of the healthcare industry. Medicalchain uses Blockchain technology to store health records therefore maintaining consistency across doctors, hospitals, laboratories, pharmacist, and health insurers.

Blockpass Logo
Blockpass blockchain verification app.

Another popular Blockchain startup is Blockpass- which uses Blockchain technology as a means of identity verification. Through an anonymous cryptographic code, users have control over their identities. Thus, avoiding mitigating the need for cumbersome online validation process.

Blockchain Startups That Disrupt Travel

source: naviaddress.com

Blockchain startups like Naviaddress makes the bold claim of disrupting “150 years of addresses”. Built on a blockchain, Naviaddress provides unique and numerical ID that adds a location to any place or object in the physical world. It aims to solve the reality that four billion people lack a valid address and 20% of them are not verified.

source: google

BitTicket targets millennials as a ticket delivery service that aims to secure tickets and reduce fraud between sellers and enthusiasts. Citizen Ticket, the group behind the startup, aims to address unethical practices like counterfeiting and inflated booking fees.

BitTicket’s Blockchain technology deploys smart contracts between sellers and buyers ensuring that tickets would not be mass purchased and sold later on.

Blockchain Startups Making a Difference

More and more Bitcoin startups are making a difference worldwide.

ALTR aim to focus on cyber security to lessen cyber crimes online.

source: nanovision.com

Nano Vision empowers global citizens to lend their efforts to further disease prevention through research and development. Nano Vision offers access to collected data and research to anyone- further fueling medical initiatives to find better solutions.

source: sale.simpletoken.org

Startup Simple Token uses Blockchain and cryptocurrencies without using crypto experts and programmers. Simply put- Simple Token gives companies the right tools to design, launch, and manager their own tokens. Simple Token aims to empower the industry with its knowledge.

source: LiveBitcoinNews

Decentralized Audio Content or DAC uses innovative token economy for better rewards for all content creators and consumers which rewards content creators and supports.

Blockchain Technology Explained 2
Verifier Blockchain App

Verifier uses Blockchain technology in order to verify documents, events, deals, and data by using local agents and verifiers. This helps those who work with international clients that do not have support readily available.

The Future of Blockchain Startups

Blockchain startups in 2018 are capable of impacting the world. Data security is the focus of many Blockchain startups. However, the future of the technology expands well beyond just data security.

Blockchain technology continues to empower industries on and off of the internet by providing transparency and security. The technology gives businesses – both new and old- the chance to save money and protect their customers. Transaction-based payment scams could potentially become obsolete thanks to the secure platform. Lastly, the sharing economy stands to benefit tremendously from Blockchain startups for years to come. 

In Conclusion…

Our world seeks trust and transparency in business and financial exchanges- Blockchain technology serves to solve this problem. Blockchain startups provides new solutions to problems that will soon become outdated and irrelevant.

Th prove bigger than Bitcoin, or any other cryptocurrency. Cryptocurrency could not exist without the new and innovative technology it was built upon. However, the technology will always exist whether any particular coin, or cryptocurrency itself, survives. Blockchain technology is definitely here to stay for many years to come.

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