Blockchain Basics: Real World Application for Blockchain (in plain english) — Beginner Bitcoin
This is part 3 of a 3 part series titled “Blockchain Basics”.
Blockchain is most often associated with Bitcoin and other cryptocurrencies. But the features of blockchain apply outside of digital currency world and increasingly extend into major industries.
So what are some actual use cases of blockchain in the real world? Why should anyone care? Before we dive into three use cases for this technology in plain english, there is one big reason you should care:
Blockchain has the potential to displace you from your job.
That’s right. This tech is powerful enough that in particular industries, blockchain can outright replace you. While that day is likely far away, the application of blockchain is coming faster and faster as major companies are hiring blockchain developers to join them and get them ready for the future.
Stating the Obvious
The finance sector is without a doubt the most developed sector of blockchain development. From Bitcoin to Ethereum, blockchain technology is the secret sauce allowing cryptocurrencies like these to operate in a decentralized and secure way.
Because of the distributed and decentralized nature of blockchain, combined with it’s public/private security features, crypto can settle transactions efficiently and without risk of fraud, and is therefore attractive to banks as a utility.
This results is banking institutions being able to save a lot of money (to the tune of billions) each year without the need of settlement companies, and with smaller fraud protection teams.
For retail investors, we may never feel the effects of this on our wallets, but for institutions, this is a highly valuable technology to have on their sides.
Globally, cryptocurrency allows a democratically controlled form of payment. Imagine living in a developing country where fraud and exploitation are the norm, or inflation is spiraling out of control, and therefore, having…