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Warren Buffett called Bitcoin "rat poison", but the underlying technology is something that everyone can agree on. Here are other uses that change your life that you did not know.
Just the FAQs
Jodi Herzik (Photo: Theresa Danna-Douglas, provided by NCET)
NCET helps you explore business and technology
We have all heard of bitcoin, because the bitcoin is sexy. The blockchain technology behind bitcoin, however, has the potential to simplify and automate hundreds of non-obsessive processes that we use every day. Blockchain does not talk about money, even if this is the technology behind cryptocurrencies, and it's not basically about replacing governments with private and decentralized systems. It is about trust.
Blockchain is a digital ledger where valid transactions are recorded chronologically. Each participant has a copy of the ledger that is simultaneously updated on each participating device. A block can represent transactions and data of many types: currency, smart contracts, transaction records, credentials, intellectual property and property titles. The system is designed around sophisticated algorithms and software that focus on security and once written; a single block can not be edited or removed. A change to a single block invalidates the following blocks, which means that transactions can not be tampered with. The result is a shared, reliable and definitive historical record.
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Blockchain has the potential to be an advantage in terms of time and money for businesses and government entities, because much of what they do involves transactions and record keeping. Blockchain also creates an opportunity to increase efficiency and accuracy by providing digitized records available online faster and often more cost-effectively.
For many companies, blockchain is already saving time and money in the logistics and logistics chain. For example, by using the immutable audit trail generated by the blockchain to improve tracking of goods through the economy, Walmart can now track products in the farm where it was purchased in 2.2 seconds. Before implementing blockchain technology, the average time to return to the supply chain was 6.5 days.
Government agencies are also starting to implement blockchain. In Cook County, Illinois, the record recorder will become the first US government agency with a pilot program to officially refer to transportation and other instruments registered in a blockchain. Using this system, buyers and sellers send and access documents using blockchain. In addition, Cook County hopes to reduce errors caused by manually entered data in documents and to move to a consistent electronic record in all jurisdictions. According to Cook County administrators, Blockchain will "block" transfers from unauthorized transfers. The system also combines the instrument (act) and the transmission act (digital signatures) into a single transaction, providing an open record that is more private and easily and quickly accessible to users. In addition to time, money and error-saving, Cook County hopes the system "can restore confidence in the government".
If you are interested in learning more, the UNR Extended Blockchain Studies certificate is a non-technical introduction to the benefits and challenges of blockchain. Visit extendedstudies.unr.edu or e-mail [email protected].
Jodi Herzik is the executive director of professional development at the University of Nevada, Reno Extended Studies and vice president of Biz Cafe of NCET. NCET (NCET.org) is a non-profit organization supported by members that produces educational and networking events to help people explore business and technology.
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