Blockchain is a word that more and more people are becoming familiar with, and for a good reason. The infographic below taken from the BitFortune site covers how the blockchain ledger system was created, its current uses, and its potential as the future unfolds.
The blockchain ledger system is as its name implies, a ledger, that works by creating entries containing the details of transactions between people, and because it is no singular record, but digitally confirmed multiple recordings of these events, blockchain is super secure. As the ledger records add up, they form a line which resembles a chain, and since the ledger resembles a block, they make a blockchain.
This system of completing a transaction is much quicker than the current banking system because of its high level of security which means that you do not need the governing bodies that have to authorise the transaction. This is why 80% of bankers in the US are expecting to implement blockchain technologies by 2020.
The platform can also potentially save up to 70% of the running costs of certain businesses, which is why 33% of CEOs are either investigating how to implement blockchain within their businesses, or they are already using it to their advantage.
Blockchain has other uses outside of the banking industry, such as supply chain management for the tracking and better managing of items.This is the reason why Maersk and IBM created a blockchain system to better manage and track orders in the shipping industry, and FedEx runs a blockchain pilot to better handle customer disputes. British Airway also tested it to better manage flight data on flights between London, Miami, and Geneva.
The full potential of the blockchain platform is not yet known, but the one thing that is clear is that this ledger system is definitely going to make our digital way of life better and easier to manage. Have a look at the infographic below to better understand this amazing technology.
#1 Stock For The Next 7 Days
When Financhill publishes its #1 stock, listen up. After all, the #1 stock is the cream of the crop, even when markets crash.
Financhill just revealed its top stock for investors right now... so there's no better time to claim your slice of the pie.
See The #1 Stock Now >>The author has no position in any of the stocks mentioned. Financhill has a disclosure policy. This post may contain affiliate links or links from our sponsors.