Three Reason Blockchain Will Rule
- Transparency: The blockchain tech is transparent, as shown in the way it handles cryptocurrencies. Each transaction has a unique identifier, which ensures easy tracking and supply chain integrity.
- Speed: Transactions are implemented at lightning fast speeds, with reduced latency. This is a sharp contrast from slow bank transactions and central servers that are unreliable and cumbersome.
- Cost-Effectiveness: Due to the entire technology being digital, blockchain makes validation, verification and data-security a cost-effective process.
MORE IDEAS FROM THE ARTICLE
- Blockchain is a digital archive or registry, which can be private or public. It relies on a digital network of computers, or ‘nodes’ to verify details of the information, such as the authenticity of a transaction in the case of cryptos.
- Many of us have heard of cryptocurrencies (like Bitcoin), which have exploded in value in the last ten years.
- The underlying technology, blockchain, is the heart of crypto and many other new digital applications and ecosystems.
- Weirdly enough, it is the same technology that powered torrent downloads in their heyday, about 18 years ago.
- Steve Wozniak (of Apple fame) is using blockchain to power its new company which aims to increase energy efficiency.
- Mining of coins, a process that produces cryptocurrency is also being handled by blockchain technology.
- Many startups are finding myriad uses of this new technology, like handling secure banking transactions, distribution of energy, streaming and many other unique applications.
Blockchain technology is fundamentally bigger than crypto or even the internet as we know it.
It offers radical transparency, zero run-time and breakthrough tech innovations to revolutionize many areas of life such as finance, insurance, transportation, personal identification, healthcare etc.
RELATED IDEAS
While the world is transfixed by Bitcoin mania, your competitors are tuning out the noise and making strategic bets on the blockchain. Your rivals are effortlessly tracking every last link in their supply chains. “Blockchain: The Insights You Need from Harvard Business Review” brings you today’s most essential thinking on the blockchain, explains how to get the right initiatives started at your company, and prepares you to seize the opportunity of the coming blockchain wave.
A cryptocurrency is a digital medium of exchange using strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets.
There are a few pieces here to focus on: digital, strong cryptography, creation, transactions and verification.
An NFT is essentially a digital token representing a totally unique asset, such as a piece of fine art or real estate . When represented by an NFT, an asset can be easily traded digitally across the world on blockchain technology. NFT concert ticket s and plane tickets are already beginning to pull the technology away from solely being about art trading and into other practical use cases.
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