In 2008, blockchain technology was developed for the digital currency bitcoin. Its uses, however, go far beyond alternative currencies, and it is poised to become "the next big thing" in applied sciences. Blockchain, according to Marc Andreessen, is "one of the most important technologies since the Internet's inception." In a word, Blockchain is a distributed database that keeps a permanent public record of digital transactions. It can be considered of as a distributed digital ledger with a chain of blocks, each with a cryptographic signature that identifies it.
These blocks are all back-linked, which means they all refer to the signature of the prior block in the chain, which can be traced all the way back to the first block ever produced. As a result, the Blockchain stores an immutable record of all transactions. The Blockchain network's transparent and decentralized nature allows for the creation of a non-refutable and unbreakable record of data, which is a key feature in many applications like insurance, finance, fraud detection, copyright protection, smart contracts, identity management, ecommerce, and healthcare. Even in higher education, Blockchain technology may be used to track student credentials and achievements in a cost-effective, safe, and transparent manner.
- Secure sharing of medical data
- NFT marketplaces
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Voting mechanism
- Advertising insights
- Original content creation
- Cryptocurrency exchange
- Real estate processing platform