With all the buzz around bitcoin, blockchain has been in the trend for almost two years and you’ve probably heard about how it will revolutionize the banking and any sector related to the finance industry.
Blockchain, however, is more than just bitcoin’s shared ledger. Yes, it is an online ledger that simplifies the way we carry out transactions. But this shared ledger can be utilized to store any transaction and track the assets’ movement, regardless of the nature they may be- intangible, tangible or digital.
Different from a bank’s ledger which has a centralized network, blockchain protects the user’s identity and is anonymous. Therefore, making it a more secure way to carry out a transaction.
While bitcoin’s popularity has proved useful in proving blockchain’s usefulness in the finance sector, experts believe that blockchain can transform many more industries. Blockchain has many uses beyond bitcoin; bitcoin is only the first use case for blockchain. Otherwise, in simple terms, you can imagine blockchain as an operating system- MacOS or Microsoft Windows, and bitcoin as only one of the applications that can be run on that operating system.
This is especially true because ultimately, use cases for a transparent, certifiable register of a transaction of data are endless, especially since blockchain functions through a decentralized platform needing no central supervision, making it resistant to fraud.
As the number of companies using blockchain to enhance efficiency and transparency increase, they popularize awareness of the technology in the sectors varied from insurance to cloud technologies to online music and the voting system etc.
But how does blockchain development actually work for these industries? How can blockchain be beneficial to these sectors? How have the trailblazing companies who have already started using blockchain utilized the technology to their benefit?
Here we share an infographic by BitFortune.net that fills in the blanks of all the questions you need an answer for –