In today’s world where there is on average around 1.75 million tech startups annually (globally), many amazing and innovative technologies are coming out every day. From small feats like water resistant Smart phones to enormous advances like genetically engineering skin cells, technological advances are made in every industry every day.
One particular technology that truly has the capability of disrupting global industries is the “Blockchain”. Famous for being the foundations for the cryptocurrency Bitcoin, Blockchain technology has the capability to help many industries attain better levels of efficiency, security, and transparency. The last two seem contradictory, however, with Blockchain not only is all the data that flows through the network public to anyone that accesses the network but it is also practically impossible to change any of the already added data points.
A Blockchain works as follows. Many transactions are made through a given network which are then verified by computers on the network known as nodes. Once those transactions are verified, they are packed into a block and added to the existing chain of previous blocks by using encryption. This in turn creates a longer chain of one more block than previously. For a public Blockchain, every computer that is on the network has a copy of the current chain which makes all the data public. This exact specification also keeps any hackers or ill-intended persons from changing the chain since their copy would conflict with everyone else’s and would not be accepted.
The industry where this technology can be incredibly useful is the financial industry. Imagine if every bank was using the same Blockchain network and was capable of sending and validating transactions in matters of seconds whether it is international or domestic. An international wire transfer today costs twenty to forty dollars and takes one to two days to transfer. With Blockchain technology, transactions would take seconds if not milliseconds. It will also allow for customers to send “checks” via the Blockchain to other customers even at different banks. Blockchain technology will make monetary transactions easier, quicker, and safer for the everyday person and global conglomerates.