The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
Let’s have a look at some infographics to visualise the what, why & how of blockchain technology:
Starting with the WHAT part –
Then, moving to HOW blockchain technology works –
Top technologists across the world are showing great expectations for this new technology that is becoming more and more popular by the day:
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, Authors of Blockchain Revolution
“The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.” – Mark Andreessen
Blockchain technology is said to be the biggest technological revolution since the internet. It is also said that we will start using blockchain technology in immense number of applications.
But the question which arises is why is blockchain technology thought to be potentially inevitable? Find the explanation in the below infographic:
Let’s also look at one of the specific potential applications of blockchain technology: In healthcare industry
Another application can be found in the banking industry:
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