The Power of Blockchain
Blockchain technology is the foundation that allows cryptocurrencies to function, though its uses extend far beyond the cryptocurrency world. Many believe the decentralized nature of blockchains will change nearly every aspect of the world economy. From improving the flow of the supply chain to ensuring a democratic voting process in elections, the true power of blockchain remains to be seen.
Blockchains are distributed ledgers of data, organized into chunks called blocks. Their design as peer-to-peer networks allows people to connect and exchange value without the need for an intermediary. Since they are decentralized and users have access to all the data and transactions on the network, it’s significantly harder to hack a blockchain or commit any type of fraud. This increased security and transparency make blockchain a perfect mechanism for data storage and transfer across a wide range of applications.
While cryptocurrencies are the most well-known use of blockchain technology, their potential extends far beyond digital currencies. For example, blockchains could be used to secure every aspect of the supply chain, store property records, create a reliable digital identity system, and even store and count votes in an election. As investors continue to pour money into this technology it’s only a matter of time before it fundamentally reshapes our world.