This is a quick guide to blockchain and blockchain technology.
In this guide, we’ll explain:
- What blockchain is
- Whether it is only used for Bitcoin and other cryptocurrency
- The practical use of this technology
- Which projects and companies have adopted blockchain
So if you’ve ever been curious about this technology, this article is the perfect place to find out.
What Is Blockchain?
The concept of this technology is difficult. But at its core, the blockchain is quite simple.
A blockchain is a type of database; a collection of information, or data. For simplification purposes, think of it as a spreadsheet.
But unlike a regular spreadsheet on your computer, this one is duplicated thousands of times across a network of computers.
The network regularly updates the spreadsheet, unlike when you manually input information using Excel.
Technically, a blockchain is a shared and continuously reconciled database which isn’t stored in any one single location. This allows information to be distributed but not copied.
That’s why when it was first conceived by the person or group known as Satoshi Nakamoto, it’s original use was intended for cryptocurrency like Bitcoin.
But the blockchain and its technology has evolved far beyond its original purpose.
What Is Non-Cryptocurrency Blockchain?
If you’re aware of blockchain, then you’re probably also aware that it’s the technology behind cryptocurrencies like Bitcoin. But its technology isn’t unique to digital currency.
In fact, the usefulness of blockchain doesn’t stop with currency. Some of the most promising projects have nothing to do with crypto.
And there are a lot of examples of blockchain applications that are being implemented at the moment. Countless more are surely yet to come.
But for now, here are 3 non-cryptocurrency blockchain applications you should be aware of:
#1 Identification Records
Most of us take our identification records for granted, like social security and ID cards or birth certificates.
But for a lot of people living on the margins of society like the homeless and refugees, that’s not the case.
In these extreme situations, it’s difficult to gain access to identification records and reclaim identities, funds, and personal property.
Blockchain identity platforms solve this problem. This technology enables these people to reclaim their identities and get access to much needed help.
For example, in Austin, blockchain technology is used to identify homeless people. This raises their chance to get access to social programs which they rely on to survive.
#2 Online Privacy
Currently, blockchain networks are being developed that enable users to browse the Internet anonymously without allowing websites to access their personal data.
The data is handled on a decentralized network instead of being handled by the website or ISP.
The data is broken into blocks and dispersed across the network, and only someone with the right decryption key can reassemble and access it.
In the future, we could see widespread use of this kind of data protection, as it becomes an essential part of cybersecurity services.
#3 Supply Chains
This technology has a significant impact on supply chains. It’s already used to trace products to their place of origin.
For example, you can potentially trace a loaf of bread back to the crop and farm it came from.
This kind of clarity and transparency over the supply chain from source to consumer could have a profound effect on consumer behavior as well.
As more people become eco-conscious, blockchain technology will allow them to source products that are actually sustainable and good for the environment.
Which are the leading companies in blockchain technology?
Blockchain companies are paving the way for the future in many areas of business. So when it comes to companies that use blockchain, it’s worth knowing who the biggest players are.
These are the top ten companies using this technology:
- SALT Lending
- Mythical Games
Recent Developments in Blockchain Technology
Blockchain is continuously evolving. It’s an interesting field of study and development, and a lot of researchers are making efforts to innovate it.
Here are some of the most promising blockchain projects and business ideas in 2021:
Status is a secure communication tool. The messaging app aims to provide users with a safe way of having a private conversation, while providing additional features like a crypto wallet, encryption tools, and a Web3 browser.
Augur is a no-limit betting exchange. It enables users to trade crypto wagers on a platform that’s completely decentralized and uses a lot of prediction market protocols.
OpenMinded is a community for building apps. It gives users free access to a decentralized data pool of advanced cryptography techniques and machine learning through libraries such as TensorFlow and PyTorch.
Namahe aims to use this technology with AI to raise the efficiency within the supply chain industry. The main focus of the platform is creating economically sustainable value chains that connect to the global marketplace.
#5 OMG Network
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