Contribution of bitcoin in technology
Introduction
Bitcoin is powered by complex Blockchain technology which is a specific kind of database. The blockchain technology in Bitcoin makes the digital currency decentralized i.e, it cannot be controlled under any central authority.
Bitcoin is a popular cryptocurrency due to the high-security systems that are provided by a blockchain. Ever since the discovery of Bitcoin and its Blockchain technology, there have been various researches and technical fields where it has been widely used. In the following article, we shall see how Blockchain has influenced the technologies of the world.
The use of blockchain
In Bitcoin the “blocks” of Blockchain secure data about all types of monetary transactions. Several companies including Walmart, AIG, Pfizer, have assimilated Blockchain technology. Large corporations like IBM have created their Food Trust Blockchain to keep a track of the journey that the food products take to reach their locations.
- Food Industry – there have been several outbreaks of diseases such as E-coli, Salmonella, and others. Previously to find out the cause of sickness and the reason for contamination took several weeks. Contaminated food can be easily tracked back to its origin within a few minutes. This prevents severe outbreaks of diseases.
- Banking and finance – one might have to wait to deposit money if it is not the working hour of financial institutions. The depositor even has to wait for a time of 2 to 3 days to verify the transactions. By incorporating Blockchain into banks, customers will be able to see the transactions within 10 minutes. With the introduction of blockchain into the banking sector, there will be an opportunity to interchange funds between other institutions in a more secure manner.
- Health care – blockchain technology can be introduced into the health care system to securely store the medical records and detail of a patient. As a medical document is created and verified, it can be written down into the blockchain which in return is a piece of proof to the patient and boosts confidence that the data cannot be tampered with in the future. The health records can be stored in a blockchain with a personal key which will make the data inaccessible to anybody other than the patient and the institution.
- Music industry – preservation of rights and distribution for payments to the music artists were a matter of great concern previously but, with the adoption of blockchain technology of Bitcoin, these problems have found a forever solution. The payment method in the past would take forever time and the artists involved would not get the earnings right after the music was launched but now the introduction of Blockchain technology has enabled immediate payments to these artists once the music album is launched.
Companies are now embracing blockchain into their systems
The use of cryptocurrencies like Bitcoin can reshape our economy. Introduced in 2008, blockchain technology is a peer-to-peer network that has removed the requirement of a central authority to regulate virtual currency. For beginners Bitcoin trading can be difficult work, certain apps can be useful to them. You can further find out more in the link digital currencies.
- Bitcoin is the primary accomplishment of Blockchain technology. The transactions under the blockchain system are almost free of cost and are free of tax, saving a good amount of money.
- Blockchain can build a new foundation for the economy and social system. It has a large impact and is extremely helpful in several industries.
- In IBM Food Trust the supplies use Blockchain to record the origination of elements that they have purchased. The more and more usage of blockchain in the food industry ensures better safety of food.
Conclusion
Blockchain technology of Bitcoin is used in major sectors and industries. The blockchain system is increasing expectations and possibilities to set up better financial organizations, health care sectors, and several other industries that will benefit the life of the common man.
