In recent times, many of us may have heard the term blockchain, but how many of us actually know what it is and how it can be applied across different industries? As the name suggests, a blockchain is a sequence of blocks linked together, containing information (picture a chain). It’s a decentralised distributed ledger that records transactions without the need for a third party, such as a bank, to take ownership and verify these transactions. Because all participants in the network share a copy of the ledger, it allows for greater transparency, enhanced security, as there’s no central point of attack, increased efficiency and reduced costs.
There are countless applications blockchain technology can be used for and it's on course to disrupt many industries along the way. For example, the shipping industry could be streamlined to eliminate inefficiencies that occur in the supply chain. In the medical industry, it could be possible to store patients’ health records on the blockchain to ensure one true version of a patient's record exists as an accurate reflection.
In this Decrypto podcast, Gareth Cliff speaks to Sonya Kuhnel, Managing Director at the Blockchain Academy. Sonya has had an interest in cryptocurrencies since 2013 and they discuss what blockchain technology is, how it works and other potential applications the disruptive technology could be used for.
Key takeaways:
