Blockchain is the technology behind runaway success story Bitcoin and its many imitators in the crypto-currency world. But how else can it change the world?
1. Making the web safer
Blockchain ledgers are extremely resistant to cyber attacks because they lack the weaknesses of other systems such as data farms or servers. The chain is spread across millions of computers throughout the world, and a hacker would have to infiltrate and destroy each one to corrupt the chain completely. Lacking a single point of entry, Blockchain brings safety in numbers.
2. Fixing the supply chain
Many businesses rely on a supply chain to pass along information, especially in complex industries like healthcare and finance, with each step taking a cut from the profits or creating the possibility of data being mishandled. Blockchain eliminates the human element from this cycle, giving all parties instant access to the information they need, and removing human error from the equation.
3. Guarantees ownership
Markets involving ownership are highly vulnerable to fraud - from property to copyright, it's a thriving criminal industry to claim things that aren't yours. Using Blockchain, it is now possible to create a digital 'signature' that ties the owner to an asset indefinitely, eliminating the potential for fraud through systems like start-up brand TrustToken. The chain will then act as a legal contract that can be used to settle disputes and matters of law in court, rather than the messy systems of ownership we have now.
4. Eliminates the pen and paper supply chain
Sourcing and managing the supply chain is still a function that even multi-billion pound businesses carry out manually, checking pricing, sourcing goods and buying and selling them via the phone. Blockchain can, using algorithms, automatically source and buy raw materials for companies at defined prices and from the right sources. This automates the human element, removing the scope for error and dramatically speeding up the process.