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Using Blockchain beyond Cryptocurrencies
Blockchain technology is most commonly associated with Bitcoin and other cryptocurrencies, but that's only the tip of the iceberg. Outside the fintech space, many other industries are heavily investing in the distributed ledger technology to build application platforms that ensure the highest level of trust in business transactions.
The underlying constructs of the blockchain is a decentralized currency and payment system, but it does not have to stay limited within the purview of managing transactions and user balances. Blockchain secures and executes transactions through a scripting language using cryptographic methods and this approach can be used to solve many business problems.
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One major breakthrough of this approach led to smart contracts, an innovation presented by open-source, blockchain-based distributed computing platform, known as Ethereum. With the help of Ethereum’s turing-complete language, businesses can set their own rules and policies in the applications. Along with that, the technology also offers the possibility to build and maintain a business infrastructure at a much lower cost compared to traditional centralized systems.
What makes blockchain even unique is its availability and transparency among users of the system to inquire about transactions on a real-time basis. It is evident that blockchain technology holds the potential to provide numerous opportunities for various applications. Moving ahead, the technology is poised to expand its horizons further.
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By Joshua Leland, Director of Blockchain for Development Solutions Lab, Chemonics International