Posted 3 years ago | by Bethany Armstrong
What is Blockchain Technology?
Understanding Blockchain Technology as more than a trendy buzzword phrase can be difficult if one doesn't understand is Blockchain Technology. The question that begs to be answered is, "What is Blockchain Technology and why does it matter to me?"
Blockchain technology is similar to the Apple Cloud system. Blockchain technology allows electronic internet data to be organized, complied, and cataloged in a chain of blocks (hence the term, blockchain).
What makes Blockchain technology unique is that it cannot be edited (all the information is there - the good and the bad). So the information it provides holds an element of accountability and integrity. This type of technology transcends industries and offers an efficient solution for companies.
From food to medical to education to retail sales, the goal is to use Blockchain technology to solve a problem in an efficient way. Within in the next 10 years, venture capital investors (like Tim Draper) predict that Blockchain is the technology of the future. Tim Draper indicates Blockchain technology will enable a revolution of industries to be more efficient in terms of productivity, organization, and increased revenue.
Likewise, the Food and Drug Administration (FDA) is also looking for ways to better utilize Blockchain technology. Across a variety of industries and government agencies, there is a push to adopt Blockchain technology into their productivity and organization systems.
Blockchain Technology, by its nature, force companies to ask this question: "What problem can Blockchain technology solve?". This means that companies are becoming more productive, sales will increase and problems are being solved as Blockchain technology adoption takes place.
For an individual who does not make their living within technology, investing, or work in the corporate headquarters of a Fortune 500 company, Blockchain technology does not hold relevance. Yet, in a few short years, that will all change.
As more companies implement Blockchain Technology, people, regardless of background, professionalism and or expertise, will be forced to also adopt Blockchain technology in their daily lives. Understanding what Blockchain technology frees individuals up. Looking past confusion, it prompts people to figure out what can Blockchain technology do for them.