In recent times, many of us may have heard the term blockchain, but how many of us actually know what it is and how it can be applied across different industries? As the name suggests, a blockchain is a sequence of blocks linked together, containing information (picture a chain). It’s a decentralised distributed ledger that records transactions without the need for a third party, such as a bank, to take ownership and verify these transactions. Because all participants in the network share a copy of the ledger, it allows for greater transparency, enhanced security, as there’s no central point of attack, increased efficiency and reduced costs.
There are countless applications blockchain technology can be used for and it's on course to disrupt many industries along the way. For example, the shipping industry could be streamlined to eliminate inefficiencies that occur in the supply chain. In the medical industry, it could be possible to store patients’ health records on the blockchain to ensure one true version of a patient's record exists as an accurate reflection.
In this Decrypto podcast, Gareth Cliff speaks to Sonya Kuhnel, Managing Director at the Blockchain Academy. Sonya has had an interest in cryptocurrencies since 2013 and they discuss what blockchain technology is, how it works and other potential applications the disruptive technology could be used for.
Key takeaways:
- Blockchain technology has many use cases and could potentially disrupt almost every industry.
- This technology solves the issue of digital duplication. Files sent over the internet are often a duplicate of the file rather than the actual file.
- The amount of fraud could decrease due to the transparent nature of the blockchain.
- Intermediaries are not required in transactions that occur on the blockchain (for example aid agencies, like the World Health Organisation, could send aid to individuals without needing to go through an intermediary, such as a bank.
Retailers, like Walmart, are beginning to use blockchain technology to track the providence of meat in order to validate its origins. - In the medical industry, health records have the potential to be recorded on the blockchain ensuring one true version of a patient's health record. When a patient goes to a doctor, that doctor is able to retrieve that one true record.
Link to full episode: https://iono.fm/e/619806
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