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Blockchain Solutions in Everyday Life

To put it simply, blockchain is a technology that allows us to keep and upload information about different transactions that were taken online. It is a chain of blocks that contains divided information arranged in a specific combination. It is a kind of transcription to save data in open sources.

Blockchain solutions save data without one, central base, distributing them across the network – it is based on a peer-to-peer network (P2P). Data in blockchain solutions are on the one hand open for everyone, but on the other hand, because of the complex cryptographic tools, it won’t go to unauthorized people. It’s a very safe solution because the block of chains is insensitive to quantum computer attacks and every change in it always leaves a mark. Also, it is very hard to change past database updates (you have to collect agreement from 50% of users) and every current update is a time marked.

Nowadays blockchain becomes more and more popular and you can find it in many market fields like trade, purchase, sale, currency and many more. Due to appropriate safeguards that technology can be also used by the government to help in administration (it already works in Estonia). It is said that nowadays to break the chain one needs to use computing power equal to half of the Internet. Blockchain solutions can be very useful also in the economy. Since 2014 there becoming more and more start-ups in finance fields that develop cryptocurrency technology based on blockchain. There is even creating a separate market field called FinTech (finance and technology) which will concentrate on that or InsurTech which is related to the insurance industry. Another trade that is using blockchain technology is power engineering because it is a perfect solution to calculate sales and purchases between small producers and their clients.

There are many examples of blockchain solution nowadays, let’s see how it works for different market fields. Entertainment – in that area example can be Spotify which helps connect artist and licensing agreements. It is used also in loans and payment – a global network that eliminates brokers, for example, Abra. Finance becomes a pioneer in the blockchain solution, brands that are using it: Citi, Bank of America, Deutsche Bank or Credit Suisse. Blockchain technology is also used in insurance, healthcare, real estate, charity, transport and many more. Even ONZ announced that they will develop that technology and it will be used in some segments of the economy for example to monitoring carbon dioxide emissions, clean energy trade, and allocation of funds.

There is no doubt that the blockchain technology has a positive impact on business. It also improves the quality of everyday life, making it simple. It’s a solution with a huge potential that is still developing.

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