If you haven't yet heard about blockchain, you will. Your doctor and your bank might already be using it. The supply chain that delivers vitamins to your drug store might start tracking shipments with it.
To get a working knowledge of the technology some people are calling "the new internet," here are some very basic explanations. And we'll also link you to sites where you can learn more.
You can think of blockchain as a secure digital ledger that records transactions and shares them among the parties involved. The "chain" is actually a global network of powerful computers -- recording, verifying and monitoring the same transactions.
As with the Internet, all of this happens behind the scenes. You don't "see" it happening. But one advantage of blockchain is that the transactions are held by a network, not in one centralized location, so they are much less likely to be lost, hacked or corrupted.
With blockchain, the transactions are very efficient. The September 1 issue of Fortune magazine devoted its cover and a special inside section to blockchain and cited an example of blockchain’s efficiency involving Walmart.
Walmart’s VP of food safety ran a test to find out how long it would take to trace a mango along its entire path from grower to store. Food retailers such as Walmart want to keep track of steps along food distribution paths to maintain quality and respond quickly if there’s a sign of foodborne illness.
The experts on his team, using the usual systems, had the answer in six days, 18 hours and 26 minutes, which was not considered slow for this type of search. He then gave the same challenge to blockchain, which had been introduced to Walmart on a trial basis. The answer came back in two seconds.
The same article in Fortune says blockchain technology has the potential to "trim costs, share and secure information more efficiently, and unleash new products at unprecedented speed.”
Another of blockchain’s applications -- and probably the one getting most attention at this time - is for crypto currencies or virtual currencies known by names such as Bitcoin or Ether. These digital currencies are powered by blockchain. They are actively traded in online exchanges and are being used as a form of payment for a growing number of goods and services. These terms are still so new that if you write about them on your iPad, it may autocorrect into some other word.
An increasing number of businesses, especially start-ups, are raising capital to fund their businesses by selling "coins” or “tokens" to investors instead of selling stock in their company or taking out loans. Instead of IPOs (initial public offerings), they raise funds through ICOs (initial coin offerings) or token launches.
To find out more about blockchain applications, use these links:
http://www.goldmansachs.com/our-thinking/pages/blockchain/
https://blockgeeks.com/guides/what-is-blockchain-technology/
https://www.youtube.com/watch?v=r43LhSUUGTQ
http://www.businessinsider.com/blockchain-technology-cryptocurrency-explained-2017-8
Powered by CELLMOBS
Comments
Post a Comment