Blockchain – The Future is Here

June 26, 2024

You have probably heard the term ‘blockchain’ yet do not fully understand what it is. Don’t worry, you are not the only person who is unsure what blockchain is and in this short article, we aim to educate you about this innovative technology that can be used in so many ways.

What exactly is blockchain?

Blockchain is a decentralised open-ledger system that stores data on blocks; if you wish to change data, the only way to do that is to add more data blocks and each participant must agree when a new data block is added to the chain. This is all done in the background and with such a level of transparency, it is no surprise that blockchain is regarded as 100% secure.

Why is blockchain secure?

The reason is actually quite simple; each block of data is joined to the previous one, which is why the system is called a chain. A block of data is connected to the two blocks either side and that means it is not possible to hack into the chain; indeed, ask any global blockchain company why the chain cannot be hacked and they will cite the fact that all data blocks are interconnected and with a transparent open=ledger system, all parties can see all transactions.

What are the applications for blockchain?

Blockchain technology can be used in so many ways:

  • Managing supply chains – A blockchain can manage and track all transactions within a supply chain.
  • Healthcare – Critical patient data can safely be stored on a blockchain, which is secure and can only be accessed by authorised personnel.
  • Trading – Bitcoin runs on the blockchain and any form of trading can be managed in this way. If, for example, you are the owner of a specific set of shares, the ownership is recorded on the blockchain and everyone can see who owns the asset; in the event you decide to sell, you and the buyer carry out a transaction that changes the ownership to the buyer and this transaction is agreed upon by all stakeholders and a new data block is added to the chain.
  • Government – Confidential citizen data can securely be stored on a blockchain; personal information, licence and permit allocation, land title deeds, company registration, taxes, trusts, the list is endless. Click here for reasons why cyber-security is important for SMEs.
  • Financial services – Banking, investment and trading all use blockchain technology, mainly because the system is 100% secure and everything is decentralised.
  • Real estate – This is one sector that benefits greatly from blockchain technology; agents can easily verify property ownership and listings.

Blockchain has unlimited potential for governments, corporations, companies and private individuals and if you would like to learn more about blockchain technology, talk to a leading Australian blockchain developer and see what they have to say about how this technology can improve your business.

 

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