Blockchain Technology & The Industries Being Effected

In 1991 Blockchain technology started & allowed for digital timestamps to be a thing. Blockchains are a chain of blocks that contains information, data, hash, and the hash from the previous block & the new way to manage trust.

Hash: The fingerprint that identifies the content of the block

I am sure you have heard of Bitcoin, Bitcoin blocks store info from a transaction:

Sender

Reciever

Amount of transaction

The first block of a chain is called, genesis. Changing a block will make all the following blocks invalid which is why it is such a smart way to hold authenticity and privacy. When you join a blockchain you will get a copy of the full blockchain. When a new block is created, it is sent to everyone in the peer network & checked for tampering. It is pretty close to impossible to be able to tamper with a block and get away with it.

Did you know that it takes 10 minutes to create a new block for Bitcoin?

Here are 19 industries that are being effected by Blockchain Technology:

  1. Banking/Payment Services
  2. Cyber Security
  3. Supply Chain Management
  4. Forecasting
  5. Networking
  6. Insurance
  7. Private Transportation/ Ride Sharing
  8. Cloud Storage
  9. Charity
  10. Voting
  11. Government
  12. Public Benefits
  13. Healthcare
  14. Energy Management
  15. Online Music
  16. Retail
  17. Real Estate
  18. Crowdfunding
  19. Your Industry
    1. If you use data, you will be effected.

 

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