The Power of Blockchain

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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.

What You
Need to Know

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.

Myths
Myth: Information stored on blockchains is private.
The decentralized peer-to-peer nature of blockchains means that every block and its data can be visible by anyone with access to the network. This level of transparency can empower users like never before. For example, people could actively monitor the complete production cycle of items from their favourite grocery store.
Myth: Bitcoin is a blockchain.
Bitcoin is a cryptocurrency that is powered by blockchain technology. You can think of Bitcoin as a type of car and blockchain as the engine that powers it.
Myth: Blockchains can solve all business problems.
While the potential utility of blockchain technology is far-reaching, it’s not a panacea for all of our economic problems. That said, we’re convinced that it’s going to become a major force in our global economy in the years to come.
Bitcoin is a blockchain.
Bitcoin is a cryptocurrency that is powered by blockchain technology. You can think of Bitcoin as a type of car and blockchain as the engine that powers it.
Information stored on blockchains is private.
The decentralized peer-to-peer nature of blockchains means that every block and its data can be visible by anyone with access to the network. This level of transparency can empower users like never before. For example, people could actively monitor the complete production cycle of items from their favourite grocery store.
Blockchains can solve all business problems.
While the potential utility of blockchain technology is far-reaching, it’s not a panacea for all of our economic problems. That said, we’re convinced that it’s going to become a major force in our global economy in the years to come.
The Future

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.

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