What is Blockchain
In the beginning, blockchain was just a computer science term for how to structure and share data. But today, blockchain is considered as one of the catalysts that has ignited “The Fifth Industrial Revolution” of computing. Think of blockchain as a multitude of distributed databases by a group of individuals rather than a central authority that is controlling your data. Simply put, these digital ledgers get access to the same information of data and share it among a network of independent parties confidently and securely.
Why it matters
If you think about how data or media is distributed today, it’s one-way communication by a centralized authority, from one to many; controlled by very powerful forces. Therefore, everyone is a passive recipient of the information being delivered. With blockchain, the distributed ledgers are one to one and many to many; it’s highly distributed, and it’s not centralized. Everyone’s a participant, not an inert recipient where the goal creates a prosperous society where everyone gets to share in the wealth that they create.
Blockchain is a platform for truth and trust.
Where it is going
Blockchain and blockchain applications are all-encompassing technologies that are integrating across platforms and hardware across the globe. Like TCP/IP, which enables the Internet and is a foundational technology, blockchain as well is the next generation of foundational technology. You can apply blockchain to almost every business domain. Currently there is sizeable growth in the banking, real estate, healthcare, legal and politics industries with rapid growth expanding into many different industries. Blockchain technology provides new infrastructure to build the next innovative application beyond cryptocurrencies.
Blockchain will supercharge artificial intelligence and IoT to make everything from supply chains to digital identity management smarter and more secure.
What this means for your company
Because blockchain is a foundational technology, companies are moving to the blockchain with their own blockchain applications. Virtually any company can benefit from the power of blockchain. For example, the music and acting industry is a disaster from the point of view of the artist. Everyone gets their cut of the share and pennies are left over for the artist. Artists are used to seeing big labels and technology companies taking most of their profits. With a new paradigm shift to blockchain, artists can post a video or song on a blockchain application with a smart contract and specify how it will be used.
Loyalty rewards and bonus programs can further revolutionize retail stores by creating a token-based system that rewards consumers and storing these tokens within a blockchain. By tokenizing the rewards program, it would incentivize consumers to return to a certain store or chain to do their shopping. This would eliminate paper and card waste and because the blockchain prevents double spending and is an unchangeable ledger, it eliminates fraud.
Blockchain application ideas are endless just is the world of IoT and artificial intelligence.
More and more companies are building blockchain applications once they realize the benefits it provides the company. Companies interested in building blockchain applications for their business just need one thing – a software development company equipped with tokenized models for businesses and the expert know-how to build on the blockchain.Contact us today for a free consultation to learn how you can tokenize your business and how a blockchain application can benefit your company