Blockchain was originally created as the backbone of Bitcoin. But, it has expanded past its original intent and has been found useful in other areas, as well.
What is Blockchain? It is a software platform that stores data in records called blocks, which allows users to make secure online transactions or value exchanges.
Each block is assigned an encrypted digital key, and can only be opened by someone with this access code. So, it’s incredibly secure.
How it is Useful
Blockchain was originally created for financial reasons, but there are more ways it can be used…
- Digital wallets like Apple Pay
- Secure storage of confidential documents like medical records
- Borderless banking, which bypasses many country-based regulatory requirements.
- Peer-to-peer payment like Venmo an Square Cash
- Secure management of appliances connected via the Internet of Things
Blockchain has even been used for online voting!
What Makes it So Popular?
It’s insanely secure. Because no part of a transaction can be altered, many people are choosing Blockchain for their digital wallets.
You’re removing the middle-man. Companies that use Blockchain are able to cut out banks, brokers, and other service providers, immediately lowering their operating costs.
It eliminates the risk of fraud. Currency, or digital tokens, can only be spent once, which eliminates the occurrence of double-spending, an attack where the given set of coins is spent in more than one transaction.
If you’re looking to start a new custom software project, using blockchain instead of traditional methods could offer you options you wouldn’t believe are possible. The platform is secure, encrypted and resilient. Reach out to us and let’s talk about how incorporating Blockchain into your next custom software project could benefit you.