Many people have a general idea what a Blockchain is. However, not everyone is aware of what the future looks like for the Internet. A lot of people are well versed on the basics of blockchains, the technology that underlies them, and how they can be used. What many people do not realize, however, is just how far the future is for the Internet. This brief article will briefly discuss what a typical future for the Internet looks like.
The first obvious use of a typical Blockchain is to replace current ledgers, such as the ledgers at the bank. If you look at any large financial institution, you can almost always find an entire department or office devoted to trading and recording information for the financial sector. In fact, there are entire divisions within banks and other financial institutions just dedicated to brokering the transfer and exchange of information for blocks of currencies. The main attraction of a typical Blockchain system, therefore, becomes apparent when you take into consideration the possibilities it presents.
As a general concept, a Blockchain system allows users to exchange any form of information through the medium of the Internet. In this case, the medium is the ledger technology behind the transactions. The ledger technology will serve as the intermediary to facilitate the transaction between two or more users. Generally, the ledger technology that comes into play in a typical Blockchain system works as something like an online computer database where each transaction is logged in and recorded.
However, there are a wide range of uses for the Blockchain technology beyond the traditional finance industry. One area in which the technology has had a prominent impact is the Internet of Things (OIT). One of the reasons why the Internet of Things (IoT) was developed was to make the world’s information easily accessible by consumers. By allowing for the easy transmission of large volumes of data, the IoT can connect different devices in a network, such as a smart house, to the information that is being processed in real time. The IoT provides a large application area for the use of Blockchain technology.
An example of an IoT application utilizing the Blockchain technology can be seen in the food market. The e-commerce industry has taken advantage of this technology to provide consumers with access to a wider variety of goods at lower costs. One popular example of using the Blockchain in the food market is found in the California poppy plant. The plant’s pods, or nuggets, are produced using a procedure that uses a combination of heat and water to kill off the unwanted pests in the pod and allow the plant to continue to produce its goods. Once the pests are killed, the pods are then cleaned and transferred to other farmers who then process them into nuggets and sell them to consumers across the country.
Another use case for the use of Blockchain technology is found in the food and beverage industry. Much like the food industry, the beverages industry has found an application for the power of the Blockchain technology. Distillers, for instance, are using the power of the Blockchain to monitor and control their entire supply chain. This allows companies to trace where each bottle of their product came from, as well as monitoring their entire process of production and distribution.
The potential applications of the Blockchain are only limited by the imagination. As the Internet of things (DAQ) continues to expand, the possibilities for what businesses can do leveraging the power of the Blockchain are nearly endless. The top 100 public companies have already begun to take notice of the benefits of utilizing the power of the Blockchain, such as MasterCard and Visa. In addition, since the Internet was originally developed to provide fast and low cost transaction options, the Blockchain offers companies similar benefits in terms of speed and cost reduction when compared to traditional transaction methods.
So, if you’re not already using the power of the Blockchain, what are you waiting for? You’re not alone! Financing opportunities abound for a business that is willing to embrace the technology. Companies such as Wells Fargo have already shown that using the Blockchain can really make a big difference in their bottom line. Now you know why: smart contracts, distributed ledger technology and the power of California.