A Quick Blockchain Know-How

Blockchain Tehcnology is the new hype for companies. Every company is willing to invest in blockchain, creating a lot of jobs and opoortunities in the process. A lot of people asked me about blockchain, it's applications, uses, benefits and much more. Since i was not able to answer them all due to unavailability of time, as it required a lot of typing. And practically speaking it was impossible to answer everything about this vast topic. So i thought of keeping it short infact one liners in this LinkedIn pulse. This would be enough to answer basic questions you might have regarding blockchain technology. I have also included some future predictions regarding this technology.

Blockchain, what is it?

The Blockchain is a public database of all peer-to-peer transactions.

What are cryptocurrencies?

Cryptocurrencies work through the use of blockchain technology around the traditional financial system.

What is a Bitcoin?

Bitcoin is a type of cryptocurrency only. Bitcoin is valuable as digital gold, because people agree to exchange it for other valuable things.

ICO (Initial Coin Offering)

It is a form of funding or crowdfunding platform completely performed on the blockchain.

How does any blockchain work?

• As each transaction happens, transactions are blocked together.
• Each block is connected to the one before and after it.
• Each block is added to the next one in an irreversible manner such that no information can be edited.

Some number showing Blockchain Technology Growth:

• The average number of ICOs went from 8 to 200 per month.
• Ethereum has grown 50 folds and still growing.
• ICO investments have seen an increment of 16 times.
• 14 Countries exploring official cryptocurrencies development.
• $2.1 billion Global blockchain solution expenditure in 2018.
• There has been a 517% increase in blockchain jobs according to hired, one of the key players in online recruitment company.
• The global blockchain technology market size is expected to reach USD 57,641.3 million by 2025.
• 69% of banks are now working with technologies from Blockchain.
• 33% of bankers expecting the adoption of commercial blockchain next year.
• $8 –$12 trillion are the projected potential annual savings reported for banks using Blockchain Technology.

Why makes blockchain so important?

• It records and validates too any transaction that is made, making it much more secure and reliable.
• Discards the need for any third party for peer-to-peer transactions.
• Users are in control of all their information and transactions.
• Complete, consistent, timely, accurate and widely available.
• Reduce transaction times to minutes and are processed 24/7.
• The decentralized system is therefore less risky to hack.

How can we, government & our society benefit from Blockchain?

Virtual Identification & Passports.

Reducing the burden of paperwork & bogus fake Identity

Voting systems.

Counterfeiting the theft of votes during elections

Smart Contract.

Buying or selling things without paying any fee to third parties

Internet Of Things.

The capacity of IoT apps to add transactional data to blockchains would make them more secure

Cloud Storage.

Increased & unparalled security with a change from centralized regular databases to decentralized one available via blcockhain.

Cybersecurity.

We can combat hacking with blockchain ledger's immutability.

Health care / Medical.

Transparency and automation within the patient-to-hospital or patient-to-doctor transactions.

Blockchain experimenting companies

• Walmart–Helps customers to streamline the process of restocking.
• Maersk–Streamlines foreign shipping and secures it.
• British Airway–Manages London, Geneva, and Miami flight data.
• UPS-Improved accountability across all supply chain classes.
• FedEx-To help resolve conflicts of consumers more efficiently, they have launched a pilot program on blockchain.

The information above has been taken from varied internet sources compiled into one like youtube, prnewswire etc. This might be not enough for people trying to know more and dive deep into blockchain but I hope it was useful. If you wish to know more about blockchain, you can join the free webinar hosted by ednerds on 11 January 2020 at 12 Noon.