Blockchain technology: virtual currency and future applications

Speaking to Blockchain, there is still confusion as to ‘assimilate’ to the Bitcoin virtual currency. In fact, Bitcoin is just a product of technology called Blockchain – which is an extremely large application not only in financial activities.

Blockchain technology: virtual currency and future applications
Blockchain technology: virtual currency and future applications

1. What is Blockchain technology?

Blockchain technology is a technology platform for recording distributed ledger data on a peer-to-peer basis, using a system encrypted by complex algorithms with a database of non-centralized transaction logs that allow users in the public domain to access publicly but no one can intervene or modify them. Blockchain technology allows for the creation of transaction logs that are transparent, durable, anti-modifiable, traceable among system participants without the need for any other creditor.

2. Benefits of Blockchain technology.

  • Better security: Hackers need to pass all the blocks in the sequence before stealing data.
  • There will be no counterfeit goods: Sources will be easily tracked and controlled and so fake goods will not be accepted.
  • Low cost: When ordering using Blockchain technology, there will be a cheaper price.
  • Faster speed: Blockchain allows for faster and more efficient transport.

3. The Blockchain is not Bitcoin.

Due to the introduction of Blockchain technology associated with the introduction of Bitcoin currency, when referring to Blockchain, many people still confused with Bitcoin and vice versa. However, in essence, these two concepts are completely different. While Blockchain is the concept of technology for scoping data, Bitcoin is known as the world’s first block coding currency, using Blockchain technology, and can be considered as the first application of Blockchain in the banking industry today.

4. Future applications of Blockchain technology.

With Blockchain features, experts say Blockchain technology will open up a potential application trend for many areas such as banking and finance, retail, transportation, manufacturing, and telecommunications. The application of Blockchain to life will bring real benefits to the community and the whole society.

  • Producing

Typically, Blockchain’s non-destructive, non-destructive characteristics in the manufacturing industry will help consumers trace the origin of the product being offered. For example: If a dairy producer applies Blockchain technology to product quality management, the consumer manager can access the information very transparently.

  • Medical

When the patient visits or tests, all their results will be stored using Blockchain technology that will help the patient secure all of his information and test scores. In cases where patients need to transfer to another hospital anywhere in the world, they only need to retrieve information and their test results on the blockchain chain that whether the two hospitals are not in the same language or use different software.

  • Education

The management of the certificates and degrees of universities in general or vocational training institutions in particular if applied Blockchain technology will contribute to the transparency of student records as well as help employers easily. Easily track the origin of the training institution or the learning process of the candidates from low to high.

With the great potential of Blockchain technology, it is very likely that in the near future these technological applications will significantly change our lives. However, the application of Blockchain technology should also be properly monitored and regulated by regulators in order to comply with the law.

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