Have you heard about blockchain? If you don’t know what it is, you probably have heard about it.
Blockchain is revolutionizing many industries, but did you know the ways it’s changing the world?
If you want to be in the loop about blockchain technology, here are 5 ways it’s revolutionizing the world.
What is Blockchain?
Before you learn the ways blockchain has changed the world, you need to know what blockchain is. While most people associate blockchain with Bitcoin, it works as a separate technology.
Think of blockchain as a way to share and distribute information among many people around the world. The information can be distributed but not copied.
Blockchain is a type of data based that is continuously shared and reconciled. Think of it as it is similar to Gooogle Docs, everyone can share and make edits and theirs always a record of who changed what.
1. Supply Chain
Supply chain management cannot be successful without transparency, accuracy, and accessibility. However, this is still a work in progress for this industry.
In a supply chain, sometimes shipments get damaged, misplaced, or delayed and there are often questions relating to where it all happened.
With blockchain, it’s easy to track and make updates in real time.
2. Artificial Intelligence
Everyone knows there have been a lot of recent developments to AI in recent years, but some things are still holding it back.
AI still has many risks especially when something goes wrong and puts human lives in danger.
Blockchain aids AI as a way of storing and providing more accurate data necessary to make adjustments.
3. Advertising Platforms
The world of advertising has also seen the blockchain benefits. With the help of blockchain, advertising agencies have been able to perform and track transactions with customers worldwide.
This is possible because blockchain allows for real-time reporting and all of the transactions are secure reducing ad fraud.
4. Tracking Food Inventory
This one is always a subject of talk, especially when a foodborne illness breaks and people have difficulty tracking the source.
Blockchain allows food industry distributors to track and keep a record of where the food originates. It’s possible to track from the farm to your table with accuracy.
With better food tracking is possible to provide quality food for people and always be able to track its origin.
5. Improvements to Government Agencies
There’s no doubt government agencies deal with a lot of paperwork. From business registrations to birth certificates, some things will fall through the cracks.
Blockchain allows government agencies to manage records and data in a secure an efficient way. Tracking down property titles and business registrations will be revolutionized using blockchain like never before.
Blockchain Technology Final Thoughts
Blockchain is not only essential to Bitcoin, it’s changing the way many industries keep track and conduct business more efficiently.
From government agencies to the food industry blockchain is revolutionizing data recording.
If you want to learn more about blockchain and cryptocurrency, visit our blog.