The Potential of the Blockchain Goes far Beyond Bitcoin
If you thought the blockchain was only useful as it pertains to Bitcoin, think again. Banks around the world are investing in the blockchain, and blockchain startups are emerging all over the place. The technology recently garnered ten percent of the coverage in a World Economic Forum study, a strong sign that it is not going away any time soon.
What is Blockchain?
A blockchain can be thought of as a public ledger of sorts that contains digital events and is shared between many parties. It can only be updated when a majority of the participants agree, and there is no way to erase information from it, which means it is a completely verifiable record. It has enabled total strangers to exchange digital money in a transparent way that completely eliminates the need for trust.
A strong solution for the IoT explosion
As we teeter on the edge of an Internet of Things (IoT) explosion, the need for a secure and trustworthy way to manage these connected devices will be central. Fears of hacking and surveillance will deter many consumers from getting on board, and a solution that is as secure as it is scalable is going to make or break it.
With the blockchain, all of the information is private and there is no central authority that needs to be trusted. You don’t have to trust that your email service has faithfully delivered your email or that your bank is giving you an honest and error-free statement balance. Each transaction is verified by many participants using a decentralized consensus model, so the entire concept of trust flies right out the window.
Giving Customers What They Want
End consumers might not really be aware of its inner workings, but they will notice faster, cheaper, and far more secure services than ever before, and that is what will get them to open up their wallets.
Moving forward, the blockchain is set to become an indispensable transaction-processing tool that could bring the IoT to new heights.