Blockchain is making the rounds as a game-changing technology. Experts everywhere are praising it for its unique take on data storage, exchange and record keeping.
What makes it so special?
Blockchain is a digital ledger that stores information on clusters called “blocks.” These blocks are equally shared among all members of the blockchain, and changing one block alters all the remaining ones in the same way.
You don’t have to give any of your private information to gain access to the blockchain network. All you need is a digital key—an encrypted string that serves as an identity check.
No piece of information on this kind of platform can be erased, and all of it can be viewed by either its participants (private blockchain) or anyone who wishes to do so (public blockchain). As a result, foul play or cyber attacks on a blockchain become nearly impossible to pull off.
Blockchain technology can be utilized in a vast array of industries. The initial application of blockchain came in the form of Bitcoin—one of the first true cryptocurrencies. Bitcoin stirred up quite the storm in the financial world and was seen as an innovation that could “outdo” traditional currencies.
In reality, Bitcoin is simply blockchain technology applied to a specific purpose. Soon after it came out, it was discovered that it could be applied to much more than just cryptocurrency.
In which sectors is blockchain technology being implemented, and what are the effects of its introduction to these industries?
Bitfortune’s terrific infographic answers both of these questions.
This graph is a useful crash course on what blockchain technology can do, giving you all the stats you need to get a good idea of how it’s being implemented and what the effects are.
Also, beyond the raw numbers, it shows you a broader picture. It proves what a paradigm shift this technology truly is, and that it could improve almost every part of our infrastructure—a testament to the incredible power and flexibility of the blockchain.