First introduced in 2008, blockchain was primarily understood as the ledger behind the cryptocurrency, Bitcoin. Since then, the technology has taken on a life of its own, with many different areas of interest opening up on the platform, providing spaces for IoT operating systems, supply chain logistics and the new craze of NFT’s.
Essentially, Blockchain now stands for an open, decentralised ledger that records transactions between two parties. It provides a space in which there is no need for a third party regulator or authenticator, providing an opportunity to create an extremely efficient transaction process that reduces the cost of negotiations across the globe.
Once people began to realise the difference between Bitcoin and the Blockchain space, there was a surge in investment and discovery that allowed industries to understand how positively the blockchain could impact their supply chain. Now nearly 15% of financial institutions are currently using blockchain technology to simplify processes and provide cost effective solutions.
How to get into blockchain?
Since its inception, Blockchain has been revolutionising the digital world. Creating a space for creative solutions to come to fruition, Blockchain demonstrated a level of versatility and security that has made many industries take notice and start utilisng the platform.
It is therefore important to explore the platform if you are interested in looking at space full of growth, dynamic new technology and potential. Depending on your interests and skills, there are a few new exciting areas to look into:
Known for its drawn out process and huge load of paperwork for verification and financial information, people have been turning to blockchain technology to provide a more secure and accessible means of verification and property ownership transfer. This helps to not only provide a more secure means of transactions, but is also time efficient and cost effective.
Non-fungible tokens, also known as NFT’s are essentially a way to own all the rights to digital art. As blockchain does not allow data to exist in two places or to be replicated, this ensures that NFT’s are guaranteed to be unique, with only a single copy of the piece of digital art existing. Rather than going to a physical gallery and purchasing a piece of art, Blockchain allows you to store all your art digitally.
Internet of Things
The Internet of Things refers to all the billions of devices around the world that are connected to the internet, all of which are collecting and storing data; this can range from a microchip in a phone to something as large as an airplane. Connecting these different objects together and adding sensors to them to add a level of digital intelligence allow them to communicate without the help of humans. This however, can open doors for hackers to access data globally, therefore Blockchain technology provides greater security via their decentralised network.
How can blockchain help?
Blockchain has now entered several different industries, including the automotive, banking and government sectors; all of them using the digital space to explore new ways of applying the technology to support their operations. With a growing need for data security and easier supply chains, Blockchain is set to revolutionise every industry across the globe sooner or later.
Potential dangers of blockchain
As with any new technology, and even old, there are risks that come with exploring the Blockchain and investing in the space. It is therefore important to ensure that you enter the space with caution and interest in every developing area to always be well informed of the space and keep up-to-date with any news that could potentially harm your assets. A few issues that have arose throughout the years include the use of anonymity on the Blockchain.
Although anonymity sits well for many in the digital space; giving investors the opportunity to make big investments without any of the fanfare, it can also be an issue if you forget your unique long Blockchain pin which gives you access. Unlike a brick and mortar safety box, if you do not have your pin, your account will be inaccessible forever.
Although there are risks and considerations to take into factor, the Blockchain has undeniably revolutionised industries since its inception. Now taking normally physical properties and turning them digital, this makes systems, logistics and money accessible anywhere, anytime. This power cannot be understated or ignored.