While Bitcoins have been around for a while but a lot of people are still unaware of the underlying technology that makes the cryptocurrency possible. The underlying technology is called a blockchain and is brilliantly explained in this image by Blockgeeks.
In simple terms, think of a database that automatically updates itself whenever a change is made. And this database is distributed over a network of individual systems called nodes. Each node maintains a copy of the block. Hence in case of updating, retrieving or validating any data, all of its past records could be obtained easily.
Today, around 80% of banks are developing their own blockchain technology. In September 2016, Barclays carried out the world’s first trade transaction using blockchain. They cut a process that normally takes 7–10 days down to less than four hours.
Entrepreneurs have come to believe that more industries could be disrupted using this technology. There are plenty of business use cases for transactions that are verified and organized by a decentralized platform that requires no central supervision, even as it remains resistant to fraud.
The following video by Future Thinkers covers exhaustively all the industries that the Blockchain technology is capable of disrupting.
While the video talks about 19 industries that are prone to disruption by blockchain technology but it certainly isn’t limited to only these 19. Given the decentralized nature, people who have been using it or developing the technology love to call it ‘bigger than the internet’ itself. For the geeks who are thinking where they have heard this before, it was the birth of Linux operating systems which was thought of to be something so unique and safe to use that it will disrupt the industry and it certainly did, given that most of the servers that are used today make use of Linux.
While Blockchain technology has been around since 2008, it was only last year i.e. 2016 that it became a phrase that started going up into bios of people ‘looking for opportunities’ on Linkedin profiles and a number of startups have already started working on the technology.
For those of you who are interested in learning more about the blockchain technology can go through the following videos which explain in detail what the blockchain is all about, how many industry leaders perceive it and what could be the future from the mouth of the people who are working with the technology.
We hope that all of this will be good enough to get you started in the world of Blockchain. If you are looking for more resources as to how a blockchain is developed, do comment below and we will be more than happy to help you out.
Keep a check on this space for more related to Blockchains and what all it is expected to disrupt in the time to come.