Crash Course in Blockchain
What is blockchain?
Only verified transactions are recorded.
Blockchain can’t be falsified or altered because every block is permanently time-stamped and stored.
Blockchains are distributed (run on a global network of computers operated by volunteers), so there is no central database that can be hacked.
Anyone can view blockchain at any time because it resides on a network with no single institution maintaining or controlling it.
Blockchain is heavily encrypted, so it cannot be hacked.
Why is blockchain in the news?
What does blockchain mean for businesses?
Processing transactions for retail or e-commerce businesses.
Processing micropayments: For example, newspaper publishers could use blockchain to take .003 cents from everyone who reads an online article.
Raising capital for businesses: Blockchain enables secure, peer-to-peer lending without an intermediary, streamlining and securing the process of peer-to-peer lending.
Enhanced cloud storage: Instead of information being centralized with the cloud provider, blockchain decentralizes cloud storage, giving you more control of your data.
Real estate transactions: Blockchain reduces the need for human interaction and paper-based recordkeeping. For instance, it could verify transactions, then record and transfer title or release funds from escrow.
Supply chain management: Transfer of goods could be documented and payment processed using blockchain, speeding up transactions and reducing human error.
Healthcare industry: Blockchain can store records securely, record data accurately, and speed up claims processing by reducing errors.
Human resources: Businesses could use blockchain records to verify job applicants’ employment or education histories directly without using background check services or contacting employers or schools.
Smart contracts: Blockchain could create and execute contracts with no human involvement. For instance, if a client is going to pay your business $1,000 for delivering a service, all the terms of the arrangement would be programmed into a smart contract. As soon as these terms are met, computers would release the funds and send them to you.