You surely heard about the blockchain madness all around the news lately.
We too were curious so we read a recent Hakernoon article and picked out some interesting ideas on how all companies could benefit from this descentralized technology.
Esentially, a public blockchain, like the one used for Bitcoin is just a huge database, which has the advantage that is really safe, because of two properties:
1. Once the data is stored in the database, it can never be modified or deleted.
2. It is not maintained by a single individual or organization, but by several thousand hundreds of individuals, each having their own copy of the database.
What will we be able to use it for?
• Contracts: Instead of going to court over a breach in the contract, why not automatize the process? The inalterable Smart Contracts consist of software coding and ensure that neither party in the deal can walk away without doing their part.
• Payments: Money can be transferred directly between peers, without any intermediaries like banks to slow down the process. This way, it may take you a few minutes instead of a few days to transfer money across the globe.
• Storage: By storing files in the blockchain, your data will be more secure than on cloud storage. This is because each file will be divided into several chunks that will be stored on several devices in the network, and re-assembled when you need to retrieve it. Because there isn’t one device that contains the complete file, it makes it practically impossible for hackers to obtain it.
• Recruiting: Blockchain has the potential to offer fast, cheap and trustworthy reference checks. Each person would have a trail of feedback accumulated over the course of their career, helping employers decide whether that person would be the right match for the job.