What is “Blockchain” Anyway?

Blockchain is defined as a distributed ledger system that creates a single encrypted and unalterable file whenever any transaction is made to help preserve its continuity. As every device involved in the blockchain helps to store it, the blockchain itself is unprecedentedly transparent. This allows business systems to be both more accountable, and secure.

Accountability

Let’s return for a moment to how the blockchain works—each time a transaction of any kind is made, be it adding new data or revising some that already existed, a new “node” (think of it as another link in the chain) is created to document the transaction and encrypt it. As a result, you wind up with a running record of reliable data. As you might imagine, this offers itself quite well to many industries.

Banking and Financial Services

With the importance of the record-keeping that these organizations maintain being so apparent, it only makes sense that blockchain is used to automatically keep track of where funds are being moved.

Real Estate

Real estate processes are notoriously intricate and confusing. Blockchain provides an option that could make the entire experience of buying and selling real estate much more transparent.

Wills and Inheritances

Tragically, wills and inheritances can be very hotly contested, and their veracity may be called into question. The transparent and immutable logs of the blockchain could eventually lead to many fights being averted in the future.

Voting

Elections now face more scrutiny than ever before, as votes are counted, recounted, contested, and recounted again. Using the blockchain could help to eliminate most challenges and issues that call the integrity of an election into question.

Supply Chain Management and Logistics

Managing all the moving pieces of a supply chain could be made much simpler by integrating blockchain technology. Goods and resources could be easily tracked and directed where they need to go, with confirmation when they arrive at their destination.

Security

Communications have gone digital, with unprecedented numbers sent and received each day. As more people than ever rely on these communications for a variety of reasons, data sharing needs to be more reliably secure. The blockchain is well suited for this task, as each transfer of data remains fully transparent, while the data contained in the nodes remains undisclosed. This technology can even be safely used to hold parties to their shared agreements by facilitating proper compensation once certain requirements are met. These capabilities will likely lead to advancements in:

Education

Consider how many files any educational institution needs to maintain and verify, and the amount of personal information shared in these records. Blockchain makes it so that these paper files are no longer necessary, while also making it easier to verify registration, management, and financial aid-related data.

Healthcare

Any patient who needs to see multiple physicians knows the frustration of working with providers who operate in different healthcare networks. However, healthcare has a good track record with embracing innovative technology solutions. Introducing blockchain could ultimately lead to self-managed healthcare records.

Stock Trading

There are many ways that stock exchange processes could be made better with the assistance of blockchain technologies. Two clear improvements: convenience, and of course security.

Public Records

Many states are still overly reliant on paper documents, which are very easy to alter and otherwise manipulate (never mind steal). Shifting to digital documents that are supported by blockchain could do a lot to reduce fraud, ensure accountability, and generally improve security.

The Internet of Things

IoT devices are overwhelmingly insecure, but if they were decentralized through the blockchain, some of this insecurity could be resolved.

To learn more about blockchain technology, feel free to call Coleman Technologies to discuss it, as well as the options you currently have to leverage for your business. Reach out at (604) 513-9428 today!

Blockchain technology has virtually changed the internet. The action of creating and distributing digital information, but not allowing the information to be copied or altered, has created a backbone to this new type of network.

What Is Blockchain?

When looking at the word blockchain, it’s clear to see that it is derived from two words: block and chain.

Simply put, a block records recent transactions that have not been started in any prior blocks. This avoids duplicates or falsely initiated transactions. This block has the unique characteristic that it cannot be deleted, and it cannot be altered.

A chain is a sequence of items of the same type, forming a line. Blockchain technology has created an indestructible chain of blocks. Without being “chained” together, it would just be unorganized, unreadable, scattered information. Because of the methodical, organized and unalterable record keeping - it’s ideal for numerous applications.

Where Blockchain is Headed

Blockchains are where digital relationships are being not only formed but secured. Here are just some of the implementations where this technology has been, or could be used for in the future:

Payment processing and money transfers - The first thing that it could be used for is what it’s already being used for. Payment processing and money transfers. After all, this is what the technology was developed for, but what other forms can this take?

Retail loyalty reward programs - We’ve all been asked if we have a rewards card. Blockchain could soon revolutionize rewards programs by replacing standard points with tokens. All transactions at a certain store or company would result in earning tokens, which would be stored in a blockchain. The characteristics of blockchain would stop individuals from fraudulently earning reward points, which is common amongst paper and card-based loyalty programs.

Digital Voting - Have you ever heard rumors or accusations that someone fraudulently won a vote? With the implementation of blockchain, this would be an issue of the past. Blockchain cannot be altered or destroyed. This means if there was some sort of fraudulent activity, it could easily be detected. This brings us to our next use of blockchain.

Audit Trailing - Blockchain can be implemented anywhere an audit trail is required.

There are endless possibilities where this technology can be implemented. Medical recordkeeping, tax regulation and compliance, immutable data backup, even real estate or auto title transfers. Blockchain truly is revolutionizing operations across the globe.

At Coleman Technologies, we are eager to see where this technology will take us in the near future. How do you think blockchain technology will be used? Leave a comment below.

What is Blockchain Technology?
In essence, a blockchain is a distributed ledger that builds a collection of records that is continually growing, all protected with encryption. By design, blockchains are meant to be resilient to edits and changes, making them quite reliable in terms of ensuring the integrity of these records. Each block (or node) of data has security measures to keep it from being changed, as well as timestamps for each record and information about the transaction. If a record needs to be altered, all subsequent records must also be altered, which requires the permission of the network majority.

How Is It Used?
Originally, blockchain was developed for cryptocurrency purposes, but the fact that it’s encrypted and resilient to changes makes blockchain ideal for other purposes. Public blockchains are used for cryptocurrency like Bitcoin to provide a distributed ledger, but it’s thought that private blockchain systems might be helpful for business purposes.

How Will It Be Used in the Future?
One of the most noteworthy ways that blockchain could be implemented in the future is the sharing of health records between various provider offices. Since it’s a distributed network, all doctors on someone’s medical plan would have access to the same unaltered data so they could provide the best service possible. Other opportunities for blockchain technology include a transparent ledger for public viewing, which has a wide range of uses for tracking payments for services rendered and other information.

Coleman Technologies can help your business check up on the latest technology solutions on the market, including ones that will help you improve operations or efficiency. To learn more, reach out to us at (604) 513-9428.