Blockchain is a Lot More Than Bitcoin: They are not Same
Many of the people know Bitcoin but few of them know about blockchain. This is because it was always behind the curtain. Even they might have heard the name associated with bitcoin. What they don't know here is that it is more than that. Blockchain is the backbone of the bitcoin on which it is running smoothly. Blockchain have some features those makes it more likable in market; transparency, flexibility, security, peer-to-peer. Actually it possess more potential just than to hold on currency details.
Normally the blockchain is just a digital ledger that records every movements of currency in the network. But actually it is not just that. Company like IBM has realized what a blockchain can do. So now they are having hundreds of blockchain projects running on right now. These projects are focused to customize it for different industries like supply chain, logistics and finance. This is like blockchain is going to change the future of these industries.
As we said blockchain is a network that work as ledger. It first record the activity of the currency then make a copy of it on all the system in the network. This copy is secured with the encryption. This encryption makes it safe and don’t let anyone alter the details. This copy is the base of the trust in this network. By this blockchain creates transparency between network members.
This is need to know that purpose of every bitcoin is not same. Every blockchain is created differently for different purpose. Bitcoin is just one example of that. For like different industries business blockchain can be used with little customization. These can be used by the government too.
For like if we apply this in logistics we all actually be able to eliminate middle man. This elimination will reduce the cost of transportation. Reducing these cost will help business to make more profit. Also will reduce the human error usually made. Not just that it will track whole package from manufacturing to consumer. Here the blockchain also share what are in the product that is being transported. So consumer know what they are getting for their money, a network full of transparency.
This will be encouraging to let the government, private and education sector to take interest in blockchain. Not just it will simplify lots of work but it will protect the data with building trust between users. This collaboration will open so many job opportunity for people and people understand the real potential that blockchain holds.