Blockchain, the disruptive technology!

Blockchain is a chain of blocks that contain information, this technique was originally described in 1991 by a group of researcher and was originally intended to time-stamp digital documents so that it is not impossible to backdate them (like a notary). However, it went by mostly unused until it was adapted by Satoshi Nakamoto in 2009 to create the digital cryptocurrency bitcoin. 

A blockchain is a distributed ledger technology that underlies cryptocurrencies like Bitcoin. It is a distributed ledger that is completely open to anyone, it provides a way to record and transfer data that is transparent, safe, auditable, and resistant to outages. The blockchain has the ability to make the organizations that use it transparent, democratic, decentralized, efficient, and secure. It's a technology that holds a lot of promise for the future, and it is already disrupting many industries. 

Simply put, blockchain technology is a way of storing and sharing information across a network of users in an open virtual space. Blockchain technology allows for users to look at all transactions simultaneously and in real-time.

In food, for example, a retailer would know with whom his supplier has had dealings. They would know the flow of transactions of their products. from farm down to the shelves of their stores. For consumers, blockchain technology can make a difference, with reading a simple QR code with a smartphone, data such as an animal’s date of birth, use of antibiotics, vaccinations, and location where the livestock was harvested can easily be conveyed to the consumer. Additionally, since transactions are not stored in any single location, it is almost impossible to hack the information.

Blockchain can be described as a method for achieving immutable, decentralized and synchronized consensus in a peer-to-peer network via a distributed ledger.

Futurethinkers.org enumerated a list of industries that will be disrupted (http://futurethinkers.org/)

1. Banking and Payments
2. Cyber Security
3. Supply Chain Management
4. Forecasting
5. Insurance
6. Networking and the Internet of Things
7. Charity
8. Private Transport and Ride Sharing
9. Cloud Storage
10. Voting
11. Energy Management
12. Government System/Services
13. Public Benefits
14. Healthcare
15. Online Music
16. Retail
17. Your Industry
18. Real Estate
19. Crowdfunding
20. Agri-Finance
21. And Many more...

The blockchain technology is probably the best invention since the internet itself. It allows value exchange without the need for trust or for a central authority. What Blockchain can offer is an exchange of assets that are a secured, traceable, transparent, and speeding time of settlement. All in all, an ease of doing business.

However, the technology remains in its infancy and new applications are still being developed. There are a number of technological challenges to be surmounted as well as regulatory hurdles to overcome before potential sectors of the economy adopt this technology — or not, as the case may be.'

Sources:

http://futurethinkers.org/industries-blockchain-disrupt/

https://medium.com/@micheledaliessi/how-does-the-blockchain-work-98c8cd01d2ae

https://worldview.stratfor.com/article/how-blockchain-works-and-why-it-matters

https://www.youtube.com/watch?v=SSo_EIwHSd4