A lot of friends or strangers at parties ask me to explain to them what is Blockchain exactly!! and how it is used for cryptocurrency technology like Bitcoin, my first words are, NO!!! Blockchain technology is NOT just used for CRYPTO Currencies!!!!! ironically they quickly understand when I give them an example of Blockchain technology used in a dairy farm. But here is a summary of a long conversation I have had many times:
Blockchain technology can be viewed from business, legal, and technical perspectives as a great solution. It can help businesses run daily operations more easily within a network of mutually agreeing members. From a legal perspective, any intermediaries are excluded from the blockchain ledger and any connection is made between involved parties only. At the same time, technically, it ensures control, security, and privacy of data inside the system.
Blockchain technology enables organizations & companies in the following ways:
- Possibility to complete transactions much more quickly and with trust
- Cost reduction for businesses, or cross-enterprise processes while removing intermediaries, inefficiencies, and duplications
- Introduction of modern digital interaction
- Opportunity to keep detailed control over business processes and transactions without a central control point
- Remove cheating, cyber attacks, or other electronic crimes
A blockchain, with its transparent mechanisms and maximum clarity, will ultimately revolutionize the way individuals and societies carry out transactions and deal with one another. Unsurprisingly, many projects already exist using blockchain architecture. For example, TenX helps to spend cryptocurrencies, EOS.IO offers functionality for decentralized apps (DApps), Augur assists with a predictive market analysis for future events, etc.