Its Past, Present, and Future
Blockchain – for millions of people around the world, the word conjures up images of bitcoin or ether. It seems to be inextricably linked to the world of cryptocurrency. However, while there is some truth to that notion, it’s not the full extent of what you should know about this groundbreaking technology.
Originally, blockchain was developed as the supporting platform for bitcoin. However, it took very little time for forward-thinking companies to realize that the technology had powerful implications for many other areas. In truth, it’s a perfect solution for protecting, securing, and transmitting anything of value in a digital medium. This can include currency, certainly. It can also include investments such as stocks and bonds.
However, with a little imagination, it can also be applied to a wide range of other things. For instance, patient health records have value, as demonstrated by the increasing frequency with which they are being targeted by hackers hoping to sell them on the black market. Company financial information, proprietary secrets and the like also fall into this area. Really, almost any piece of information can be considered to have value, at least to some parties, and blockchain is perfectly suited for storing and protecting it in an unalterable, completely secure setting where decentralized control is the rule.
Of course, as more and more companies research and develop systems, platforms, and solutions to issues and challenges based on the blockchain, more uses will be found for it. In fact, the Harvard Business Review calls blockchain a foundational technology and predicts that it will be the start of brand new economies and even other new technologies.