Introduction
A blockchain is an electronic ledger. The data in the blockchain network is stored in a peer-to-peer network of computers. That is, the data in the blockchain is not controlled by a centralized authority. Because it is easy to make a copy of a digital asset, a blockchain uses cryptography to make sure that the transactions in ledger are correct. The decentralized and cryptographic features of a blockchain make sure that it is almost impossible to change a transaction in the blockchain and that the data in a blockchain is immutable.
Possible uses for a blockchain
Because blockchain is contains an accurate list, a good use for a blockchain is as storage location valuable assets. Examples are:
- financial services, such as banking and payment systems
- health records
- legal documents, such as wills, business contracts, insurance policies, etc.
- real estate, such as ownership for property and land records
- identification documents, such as birth certificates and voter registration
- the supply chain for a product, such as pharmaceuticals, organic foods, etc.
- digital rights management, such as music, avatars, etc.
How to use the blockchain in your organization
The first use of the blockchain in your organization would be for an application where there is a proven blockchain ecosystem. One example is to accept Bitcoin for payments. A second example would be to use is a blockchain for the maintenance of records.
After your first blockchain applications work satisfactorily, a second use for the blockchain in your organizations could be to use a blockchain network for the typical transactions you do with other organizations.
The blockchain ecosystem continues to expand and new use cases for the blockchain are made possible each day. Many blockchain applications will not become available in the near-term. But it is important to know what may be possible and to have your organization prepared to use the blockchain.
