What is Blockchain?
Blockchain is a distributed ledger that records the movement of digital asset from one person to the other, or from one entity to the other securely, transparently and without the need of any intermediaries.
How does it work?
The Blockchain records a collection of transactions that are assigned with a digital signature called a hash, randomly generated through cryptographic algorithms. Each transaction is added to a new block which is also assigned with a hash. Each previous block hash is added to the next block hash, forming a chain of block or a blockchain.
What do you do with it?
The nature of a blockchain allows people and companies to automate and track the transaction or movement of any assets, digitally, from Point A to Point B. Assets such as money, real estate, sensitive documents, art, loyalty points, goods and more.
What are companies doing with it?
Thanks to Blockchain, companies can create and use cryptocurrencies. A new form of money whose transactions can be settled within minutes nor days, and without any intermediaries.
Blockchain is also used to eliminate paper-based processes and can make a company more environmentally friendly.
Blockchain can also be used to track goods along a supply chain, bringing transparency to our currently flawed supply chain systems.
Finally, Blockchain can be used to put data privacy back into the hands of its owner. Data such as health records, university credentials, financial ownership and more…