Experts: Blockchain Capabilities Go Beyond Financial Transactions

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When the word "blockchain" is mentioned, the average person immediately associates cryptocurrencies, usually bitcoin. On the one hand, the popularity of bitcoin generates interest in blockchain, on the other hand, in the public consciousness, bitcoin is often associated only with something negative, prohibited and subject to persecution by legislators. Like, why pay with bitcoins when there is a whole zoo of electronic wallets and bank cards? But recently, some experts predict that blockchain technology is so multifaceted that it can be valuable in industries far removed from finance. Their opinion is quoted by the InformationWeek portal.

“The modern reality creates the preconditions for a closer slovenia whatsapp data of various aspects of human relationships, which will only benefit from the emergence of a universal tool that helps to strengthen trust between them,” says Steve Cerveny, director of the blockchain direction at IBM. “Add to this the fact that financial transactions are carried out using digital means, and you will understand that blockchain will become an indispensable technology for ensuring their transparency.”

Areas of application of blockchain
The idea of ​​blockchain technology is as simple as it gets — it is a huge public database that operates without centralized management. The main advantage of blockchain over traditional banking transactions is the absence of intermediaries. In the case of Bitcoin, which is based on blockchain technology, transactions are verified by so-called miners — participants in the system who confirm the authenticity of the actions taken, and then form blocks from transaction records. Control over the authenticity of transactions is guaranteed by distributed ledger technology (DLT), which ensures the distributed nature of databases.