Blockchain Beyond Cryptocurrency in Business Innovation
Blockchain technology has evolved significantly since its inception as the foundation of Bitcoin. While many still primarily associate blockchain with cryptocurrencies, its potential extends far beyond digital currencies. This article explores how blockchain is helping with business innovation across various industry sectors.
Understanding Blockchain Technology
What is Blockchain?
Blockchain is a decentralised digital ledger that records transactions across a network of computers. Imagine it as a giant, shared spreadsheet that everyone can view and update, but no one can erase or alter past entries. This ensures transparency and security in every transaction.
How Blockchain Works
Think of playing a game where, instead of whispering messages, everyone writes them down and compares notes. That’s similar to how blockchain functions. Each “block” contains a list of transactions, and once a block is full, it’s added to the chain. This process creates a permanent, unalterable record of all transactions.
Beyond Cryptocurrency: Blockchain in Business
Now that we’ve covered the basics let’s explore how businesses are leveraging…
