Blockchain technology is one of the implications when the first cryptocurrency which is the Bitcoin was developed in 2008. It works as a ledger that records all data that ever existed between the blocks. It ensures that all information recorded on block A would match the information recorded on block B. Every transaction in the peer to peer network is listed on the crypto coin itself, therefore, there is a clear knowledge on who owns that coin right now and where did it came from. Every movement is unique and creates a unique transaction identifier call Hash. This technology is empowered by cryptography in formalizing digital relationships and authentication allowing the system to develop Digital trust.
Digital trust is the ruling between two or more different data which would then direct to authentication and issuance of permission as authorization
As the world opens its doors to the possibilities with the blockchain technology, a lot can be asserted. This technology is being introduced on today’s industries as encrypted record keeping. It provides some lot possibilities especially for efficient and accurate trading and data storing. It can also revive businesses that have suffered greatly due to skeptical and unavoidable changes in our economic and technological system. Take Kodak as an example.
Kodak, in its resurgence, strategized the use the blockchain technology into materialization. In their recent announcements, they have revealed a photo sharing platform where you can trace where the photo that you have uploaded reached. In full utilization of the said technology, they will also encrypt a patent on the photographs s the owner can request for a payment every time their image was used without proper agreement. It also creates an avenue for photographers to issue an appropriate invoice to those who would make use of their photographs.
Thinking about of how the blockchain technology can change the world, well you would somehow realize that it is one of the greatest discovery or invention right after the Internet. It could diversify a lot of markets not only limited to the online and web-based platform. It can also revolutionize finance and education by maximizing logistics and outsourcing. Kodak is just one of the many companies that can be transformed and revived by the blockchain technology, and as we embark together in the dawning to the crypto revolution, there is no known limit as to how advanced our world would soon become.