What is Blockchain Technology?
Blockchain technology is a decentralized, digital ledger that records transactions between two parties efficiently and in a verifiable and permanent way.
Blockchain technology can be used for many different applications, including but not limited to:
Blockchain Applications
Financial services
Supply chain management
Healthcare/medical records management (including electronic health records)
Blockchain Use Cases
Financial services:
Banks and other financial institutions are exploring blockchain technology as a way to simplify and speed up back-end processes. Blockchain can also be used to create new types of transactional applications that were not possible before, such as cryptocurrency exchanges.
Supply chain management:
Blockchain can help track the movement of goods through the supply chain by providing an unalterable record of where those goods came from, who handled them along the way, when they arrived at their destination and more.
Healthcare:
Blockchain has been proposed as a way to securely store medical records while providing patients with greater control over who has access to them (for example, only allowing doctors or other healthcare professionals). It could also be used for drug discovery research by making it easier for scientists around the world collaborate on projects without having access issues arise due to intellectual property rights concerns or privacy concerns about sharing data openly online
Benefits of Using Blockchain Technology
Blockchain technology is the next big thing in the world of technology, and it's not hard to see why. The benefits are numerous:
Security:
Blockchain offers a secure way to store data and transactions on a decentralized network of computers. This means that your information is protected from cyber attacks or fraud because there's no single point of failure--it's spread across thousands of servers around the world, making it nearly impossible for hackers to get access to all your data at once.
Transparency:
Because all transactions are recorded on an open ledger (the blockchain), you can easily verify them at any time by anyone who has permission to view them--and since there are no intermediaries involved in verifying these transactions (like banks), there's less room for corruption and manipulation by third parties who may have ulterior motives behind their actions.
Tracability:
Because every transaction made through blockchain technology must be verified by multiple parties before being added onto its public ledger (the "blockchain"), it becomes much harder for criminals trying avoid detection through money laundering schemes.
Efficiency:
Because transactions happen directly between users without having go through any middlemen like banks or governments, this saves both time and money - especially when dealing with international payments where fees often add up quickly!
