Real-World Blockchain Applications: Part 1
Updated: Aug 11, 2022
There's a lot of talk about when it comes to blockchain, more than you might think. Some might instantly ask themselves, "In what way does this affect me?!" Well, I'll tell you, it affects you in every way. From the food, you eat and handling your finances to storing value. The world as we know it is changing.
Improved Food Safety Practices
We shop at many companies already using blockchain for improved food safety practices. Walmart, Pfizer, AIG, and Siemens, based out of Germany, have harnessed blockchain technology to maintain detailed records of the food products' journey before reaching the store shelves, called the Food Trust blockchain and developed by IBM.
Outbreaks of E. coli, salmonella, and listeria that the food industry seems to be plagued by could easily be a thing of the past with the help of blockchain technology. Keeping detailed records that can't be tampered with reduces the chances of hazardous materials mistakenly entering our food. Food then can be traced from the farm to your plate, keeping all of us happy, healthy, and fed.
The World of Banking and Finance
The term "banker's hours" describes how many financial institutions are open at set times. Usually, five days a week from 9 am to 5 pm. Things could completely change as blockchain technology begins to replace outdated business operations when it comes to banking and finance.
The problem has always been that if you got off work any later than 5 pm, you could deposit your cheque or do any other transactions; you'd have to wait until Monday rolls around. Even if you used one of the bank's ATMs to make a deposit, the transaction isn't handled until the following week.
The game-changer is that blockchain doesn't sleep or need to be out the door by 5 pm every day. With the power of blockchain tech, anyone could have their transaction processed in as little as 10 minutes, any time of day.
New Kind of Stored Value
Wherever you live in the world, your government controls the local currency. From how much is printed to how much is released. But with blockchain technology, cryptocurrencies like Bitcoin aren't controlled by a central power.
These cryptocurrencies don't have the same risks that the banks do; when they get hacked (it happens), your personal information is at stake. Bitcoin was born during the 2008 Recession, with many ordinary people seeing big banks get bailed out but no help for the little people.
Many felt betrayed and had enough, tired of seeing their taxpayer money go to a bunch of fat cats.
By being sprinkled across many different computer networks, Bitcoin will always be in operation, and if one connection goes down well, there's a bunch more to redirect things. Without any centralized power, users don't have to submit to agreeing to fees upon fees to complete a transaction. As it turns out, there's a new sheriff in town.
Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.