Blockchain: The Evolving Technology Behind Bitcoin
Written by Carlos Cortes
We are all familiar with the cryptocurrency phenomena, as bitcoin and other currencies are opening up new transactional possibilities. But while the cryptocurrency craze has seemed to level out, the technology behind it is becoming more prominent.
Blockchain is the enabling technology behind cryptocurrency, and its applications span to many other possibilities aside from monetary functions. What is blockchain? It is an open distributed digital ledger that records transactions chronologically and publicly. Because of widespread distribution, it is very difficult to make fraudulent claims on both sides, eliminating the need for a third party. To alter a transaction record, you would have to alter every distributed ledger.
This technology opens up many possibilities of collaboration and connectivity while cutting out time and money associated with large network coordination.
While this technology has made waves in the cryptocurrency function, large companies and even governments are experimenting with blockchain to enhance their efficiency and information safety.
IT giant IBM offers blockchain solutions for supply chain management systems. Supply chain management benefits from blockchain technology by reducing cost and improving efficiency. Transactions are uniform and all parts of the supply chain are updated simultaneously, informing all parts of the supply chain with the same data. Blockchain is very useful in creating efficient ecosystems, and IBM is leveraging its efficiency into a business model.
Walmart is also investing in blockchain to supplement their supply chain management. Walmart recently applied for a patent with the US government for a blockchain based logistics system. They plan to increase the efficiency of their food distribution in order to open up more possibilities for fresh produce and meat products being stocked in their stores.
The Estonian government, known to be one of the most digitally progressive governments in the world, is testing a blockchain database to support their electronic healthcare records. Due to past threats of cybersecurity, the Estonian government is seeking a safer way to store data. They intend to create a secure network of important health information that can be accessed by the right people at the right time.
Blockchain is set to disrupt collaborative technologies in the near future. While it is still a nascent technology, those who are able to effectively apply it to their business will be ahead of the game.
https://e-estonia.com/solutions/healthcare/e-health-record/
https://cointelegraph.com/news/walmart-is-ready-to-use-blockchain-for-its-live-food-business
