Until the late 1990s, it was next to impossible to process a credit card securely over the Internet—e-commerce simply did not exist. Now, billions of people transact online on a day-to-day basis.
From credit cards to mobile wallets, the technological revolution had brought forth various ways to make transactions more seamless, the newest of which is the blockchain that runs Bitcoin and other cryptocurrencies.
Within merely a decade since its launch, this treasure chest of technology continues to be one of today’s biggest, ground-breaking digital systems with profound implications for every industry—from banks, healthcare, and supply chains to education, transportation, and property records.
While blockchain mechanisms are incredibly complex, the idea behind is simple: it is a shared database that facilitates the process of recording transactions and tracking assets in a network.
Simply put, a blockchain network can be used to track orders, payments, and accounts, among others. Think Amazon or eBay, except that blockchain is built on a decentralized network and protected by layers upon layers of security.
The potential uses of blockchain are far broader than digital currency. Blockchain is believed to have the ability to transform how governments interact and is predicted to impact major administration processes such as voting and insurance transactions. It may even extend to online dating, reducing the possibility of fake profiles.
In an era when the world’s economies are primarily built on information technology, the full potential of blockchain will surely hit society, profoundly changing the way things operate.
In this infographic, the nature of blockchain technology is presented, covering blockchain basics, how it differs from Bitcoin, and how it is employed to impact relevant processes in commerce and government.
The infographic also explores how the blockchain system works, zeroing in on its most distinct relevant features: reliability and transparency.
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