Many people discuss crypto coins like Bitcoin, Ether, Bytom and so on. Yet, they often fail to mention the revolutionary technology called blockchain.
Blockchain is a crucial concept when we talk about cryptocurrencies, so you have probably heard about it. However, if you are not well informed you should know how advantageous it is and what kind of potential it has.
The simplest way to Imagine the Blockchain system is that it’s a ledger with open access for everyone and isn’t authorized by anyone. Blockchain is the network that allows financial transactions to take place as well as enables registration of information by individuals, governments and investors.
Here are some facts about this revolutionary network!
- Companies are creating blockchain-based identification. Recently Accenture and Microsoft have united to work on the creation of an ID system. This is being done for a United Nations program that has decided to provide 1 billion people with blockchain-based IDs.This would be useful for everyone, for example, it will let travelers have free entry to their data wherever they are, at the same time, for refugees that have left their countries and have no official documents this might be more beneficial.
- Banks can save billions of dollars with Blockchain. A company called Ripple has created a technology that allows making international transactions via Blockchain. It makes the process faster, almost instantaneous. This technique gives banks a great opportunity because if they use Blockchain for their transactions, it will help them to save more than 8 billion dollars each year on transactions.
Ripple transactions can occur with both traditional money and crypto coins. To track these virtual currencies you can use a cryptocurrency portfolio tracker.
- The technology can be used to estimate research claims. “Scientific American” blog says that each year the number of scientific studies that are published is nearly 2.5 million. Researchers have trouble with certifying the results and scientists find it complex to copy another researcher’s results. Blockchain can help to improve the process of verifying the information and making data changing almost impossible.
- Blockchain can influence the Global Retail industry. Sending goods to different parts of the world is a tough process for companies. Blockchain offers them a fast and simple way. Using Blockchain will make paperwork an action of just a few minutes. It will remove extra fees required for worldwide transactions and thus the cost of goods will be reduced because the companies will organize shipping with ease.
- IoT can rise with Blockchain. It is expected that until 2020 IoT devices will surpass 50 billion. All those devices must be able to offer an easier way of transferring information and provide the users with a high level of safety. IoT’s Watson network can follow the packages, their location and even at what temperature they’re stored.
IBM has been the earliest adopter of Blockchain in this market. It is already cooperating with almost 400 organizations to perform the technology in their businesses. IBM has contracts with seven large banks and also with grocery stores to use blockchain in the food supply.
Blockchain technology will greatly develop over time. IBM is an example that even big technology companies notice this new trend.
If you want to use blockchain for transactions and trade with cryptocurrencies, you should start using a cryptocurrency tracker. If you don’t know how to, check out the best cryptocurrency portfolio tracker guide.