Network Management, Inc. Blog
Finding Value in Blockchain
When searching for value within blockchain, you do not have to look hard nor far. Blockchain’s incorruptibility encourages other potential uses in the tech community. Today we will take a look into what blockchain technology is as well as other ways we can utilize this technology.
The word blockchain is derived from the words block and chain. Go figure! Let’s start by taking a look at a block.
A block records some or all of the most recent transactions that have not been entered in any prior blocks. This block, once completed, is permanent and unalterable. Think of this block as a line in a ledger.
A chain is in simplest terms, a sequence of items of the same type, forming a line. Remember making Christmas paper chains? Without being connected, it’s just a single piece of paper without much practicality or organization. Once those pieces are chained together, form and function become visible.
Blockchain is no different. This is why each block is chained together. It is simply combined with other transactions to create a new block of data for that ledger.
Blockchain Technology Usability
The blockchain, as previously mentioned, is a ledger. This digital ledger of economic transactions provides opportunity to record virtually anything of value.
When looking into the "implementability", we really mean virtually anything, including:
- Music - Take for instance the music industry -- you’d be surprised how much distributors receive for sharing an artist’s music. Blockchain technology could potentially revolutionize this industry because transactions are free. These changes within the blockchain are immutable, and cannot be copied. This opens up the possibility for artists to use blockchain as well. Once a blockchain transaction is made, a peer-to-peer platform would transfer currency, which in turn would allow the passionate music enthusiast to listen to the artist’s latest hit.
- Reading - Ebooks could also be fitted with blockchain code. Instead of publishers withholding a certain percentage of the profits, the books could potentially circulate in encoded form. Blockchain transactions would transfer the currency to the author, allowing for the ebook to be unlocked for the reader.
There are many more uses of blockchain which are virtually transforming many operations such as blockchain healthcare, cross-border payments, unconventional money lending, and even insurance claims processing.
Blockchain’s uses will continue to be discovered, and implemented. How do you think blockchain technology will be used in the future? Leave a comment below.