There’s no denying the massive potential behind blockchain technology. It has been showing its worth since 2009 when it came into existence in the form of Bitcoin, the first cryptocurrency. Not long after Bitcoin, people caught wind of just how useful blockchain technology can be in almost any industry.
The main strength of the blockchain’s power lies in the revolutionary way it handles data. Its unique setup greatly increases security, speed, and transparency of any data transfer and storage on its system.
Going into a bit more detail, blockchain is an encryption-based, immutable, distributed digital ledger.
All information gets stored on connected (or “chained”, if you will) “blocks of data” to which all network participants have access. These participants do not have to use personal or sensitive data (social security number and the like) to prove their identity.
When new data needs to be introduced to the chain, it first must be approved by the majority of the blockchain’s members. Once given the approval, the said data is attached to the chain and this record cannot be hidden or deleted.
The benefits of such a data organization are enormous. For one, it’s decentralized, so there’s no third party authority to wait or rely on for any transaction.
Furthermore, the pseudonymity afforded by the blockchain’s identity protection, encryption, and transparency greatly increases safety. All that, coupled with the immutable record keeping, ensures that no foul play can take place, at least without anybody taking notice of it.
One can easily see how applicable all of these traits are to a myriad of industries. From taxi services to entire governments, blockchain is awaiting implementation in dozens of sectors, turning them on their heads along the way.
You can see exactly which industries are experiencing total disruption caused by blockchain in the amazing infographic below.
It depicts an enlightening vision of just how many facets of society blockchain is changing for the better. It paints this picture in a very clear-cut, no-nonsense approach, disregarding tedious walls of text in favor of giving you exactly the stats and numbers you need to realize what’s improving under blockchain technology.
All of that on top of a visually pleasing design that makes the info stick with you for a long time.