Blockchain & Cryptocurrency

Blockchain Technology Will Expand Far Beyond Cryptocurrencies

The Infinite Brief
A blockchain allows anonymous participants to digitally exchange value across a completely decentralized network, and to do so securely and with trust. There is no central authority or central storage entity — the entire model functions on a peer-to-peer basis.

Immutable distributed ledger technology, cryptographic hashes, smart contracts and consensus are key components of a blockchain, as demonstrated by the popular cryptocurrencies of today.

The same components have applications across a number of unrelated verticals, including finance (the obvious first choice), health care, government, supply chain, manufacturing, logistics and many others.

Current non-cryptocurrency blockchain deployments are typically very use-case specific. Managing asset provenance via blockchain (for example, tracking perishable food as it moves from “farm to table”) is increasingly popular.

IBM recently introduced its TrustChain, which utilizes blockchain to verify a jewelry supply chain from mine to store, and various businesses are investigating the model as a way to improve overall transaction interactions and reduce costs by eliminating third-party intermediaries and digital middlemen.

Regardless of whether cryptocurrencies turn out to be an enormous bubble, the underlying blockchain technology has indisputable and genuine value.

In one form or another, blockchain will have an enormous impact on how digital business gets done long into the future.

Originally via Forbes

Cryptocurrencies have generated plenty of histrionic headlines lately, but an important part of the story rarely gets much explanation in the financial pages. Underpinning many of these new digital currencies is a very different type of computational infrastructure: blockchain.

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