To the surprise of many, Bitcoin recently dropped 50% in value over a short time period. Even more surprisingly, it seems that blockchain technology continues to grow in popularity. The primary driver behind its growth is its incredible variety of use cases.
You might have known that cryptocurrency isn’t just a type of currency. But were you aware that it can be used in logistics, documentation, and even social media?
It seems that blockchain technologies are here to stay. Keep reading to find out why with five impressive facts about blockchain tech.
It’s More Than Just Cryptocurrency
When people hear about blockchain, they usually imagine people trading crypto. However, blockchain technology is much more than just a platform for buying, selling, and otherwise trading cryptocurrencies like Bitcoin, Litecoin, and Dogecoin.
Blockchain tech is actually a database that stores data in blocks. It’s essentially a public ledger that’s impossible to modify or delete. Over time, people are discovering more ways to use it for alternative use cases.
Finance With No Borders
While governments are finding ways to regulate and restrict certain cryptocurrencies, blockchain technology overrides most limitations that come with borders. Wire transfers between different countries or regions might come with a fee, or be denied. With blockchain tech, on the other hand, transferring from one wallet to another can be free or come with minimal fees.
A majority of blockchains are immutable. This means that once data is processed, and a new block is created, it cannot be changed or modified in any way. This solidifies the fact that it’s decentralized, as nobody can control or manipulate the information on the chain, unlike most Fiat currencies in the modern banking system.
Blockchain Used in Industry Logistics
You can find blockchain technology used in a wide variety of industries. Energy companies, as one example, use peer-to-peer trading platforms for renewable energy. This makes it easier to sell electricity, especially for people that own solar panels that sell excess energy.
Additionally, the tech is used in the manufacturing industry. One blockchain supply chain development company uses the tech to work with prime manufacturers that assemble finished goods. They use it in the following processes:
- Supplier verification
- Procurement purchase order management
- Production parts approval process
- Procurement audit
- And much more
It’s a great way to connect supply chain buyers and engineers with manufacturing suppliers, shipping providers, and material suppliers.
Blockchain Technology and Social Media
While still in its infancy, social media’s blockchain integration is becoming quite popular. It seemingly started with Instagram and Twitter allowing NFT profile pictures. However, Elon musk is in talks to integrate a cryptocurrency for Twitter. Many speculate that it will be Dogecoin.
Blockchain: No Stop in Sight
Blockchain technology continues to grow in popularity. It’s finding its way into a ton of new industries. It seems that what started as an opportunity to create new currencies is turning into something much more useful.
Hopefully, you learned something new about blockchain tech. If you did, consider checking out the other posts on our site. You never know what you might learn!