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How is blockchain going to change the world?

How is blockchain going to change the world?

Blockchain technology is expected to continue to grow beyond digital payments.
The technology is already being used for smart contracts, which reside on a blockchain and are written in code, that can release funds, communicate information, record and embed data, and make purchases—all in a pre-programmed, autonomous manner.



This could have a major impact on things like digital identities, voting, governance, asset tracking, engineering-related transactions, supply chain tracking, M2M transactions, and supplier identity and reputation.

The technology is currently being used by IBM to make the process of international banking more simple and cost effective.

Other top uses for blockchain include stocks, shipping, and law, according to TechRepublic’s Tom Merritt.

Businesses with a long supply chain and many parties involved in a product’s lifecycle would benefit most from implementing blockchain. For example, in producing a car, you could keep records of the part for the day it is created at a factory to the day it is no longer in use. These records could involve sale and resale, upgrades and maintenance, insurance and guarantees, and more.

The same holds true for health records, civil records, or corporate records.

Source: https://www.techrepublic.com/article/what-is-blockchain-and-5-other-questions-your-boss-needs-answered-asap-202/

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