Harnessing the Power of Blockchain

“Blockchain is changing the world.”

“Blockchain is the future of technology.”

 We’ve heard it all before, but what is blockchain, and how does it work?

 The easiest way to explain blockchain is to think of it as a spreadsheet that has thousands of identical copies on every user's computer. Every time someone makes a change to their spreadsheet, everyone else’s sheet updates as well. Each transaction is a block, and they fall in line like a chain, giving you “BlockChain.”

Now that you know what it is, how does it work? And why is it changing the world?

 Made most favored by the bitcoin currency, Blockchain offers the checks and balances needed to transfer money however eliminates the need for a middle man. With the power of the internet, an individual is in control of their trades. No demand for foreign currency, no need for a bank, everyone is on the same page, and everyone controls themselves. Blockchain is changing the way we view currency and opening the door to so many financial freedoms, but the blockchain is much more potent than just money.

 Blockchain is revolutionizing government, agriculture, and even the medical industry. The common theme of the switches to blockchain are efficiency, accuracy, and transparency.

 One of the biggest Blockchain revolutions will be in pharmaceutical. At packaging, the manufacturing data of life-saving drugs will be uploaded to Blockchain thus eliminating the possibility of counterfeits. This alone will help save millions of lives across the world.

 Blockchain is also revolutionizing the agricultural industry by allowing farmers to interact with the buyers directly and eliminating the need for a middle man. This gives transparency to the growers by showing real-time pricing, demand, and inventory. Previously hidden numbers are entirely transparent and openly efficient to everyone involved in the process of moving a product to your table.

 This similar idea of transparency and security is revolutionizing governments and medicine in the sense of cybersecurity. Using the fundamental ideals of a ledger, blockchain makes any changes very noticeable. Security breaches and data changes all point to the perpetrator and break halt everything around it. These advancements in cybersecurity make it near impossible for the disruption of private information and data.

 Blockchain is truly the future of technology. Something as simple as a ledger is now made possible because of the internet. Seeming applicable to any industry, the world is on the brink of something genuinely new and powerful.

 Oil and Gas sector is a bit sluggish in tapping into the potentials of the Blockchain technology. Currently identified areas of utilization include energy trading, billing, payments and managing complex supply chains. However, all developments are in conceptual stages and still a long journey.

Photo 1 by Hitesh Choudhary on Unsplash and Photo 2 by Panxunbin