However, to take advantage of this knowledge and excitement, you might want to know a bit more about blockchain and why people are so excited about this new technology. Here’s the basics of blockchain and how it could affect our economy going forward.
What is Blockchain?
Basically, blockchain is a protocol by which data traveling through a network behaves. Blockchain is a public ledger that is contributed to and verified by multiple parties, but cannot be deleted, altered, or otherwise changed once confirmed. In essence, what happens on the blockchain stays there forever.
What Does Blockchain Do Well?
What blockchain does well is that it stores and moves information extremely effectively and efficiently. Many cryptocurrencies are built on blockchain because it is very secure and does a great job of keeping information safe. It also allows for easy access and recording of information, events, and other data.
What Industries Can Benefit From Blockchain?
Because blockchain has so many strengths and none of them are specific to one industry, many different industries could potentially benefit from blockchain. Blockchain has thousands of applications and businesses outside of just cryptocurrencies are already benefiting from blockchain technology. These industries are spread across the financial, information technology, logistics, and many other sectors that benefit from efficient and secure information storage and transmission.