Recently many big name companies have started to pay close attention to the newest technology available known as blockchain. Blockchain is a ledger available to the public that provides information on transactions or records. Any user with a computer and an internet connection can verify records and transactions using the blockchain. The blockchain uses cryptographic algorithms to protect the data unlike most websites and information portals. Most blockchains are decentralized in nature, which means altering the blockchain is nearly impossible.
With blockchain technology, trust is being placed in the technology versus in institutions or companies. This will mean that most to all intermediaries will soon be replaced by some form of blockchain technology.
Here's an example:
Bob wants to buy a house, so he goes onto a website where houses are being sold. He makes his payments in crypto currencies such as Ethereum. The deed to his house will not be transferred until the smart contract on Ethereum is verified and completed. Once Bob sends x amount of Ethereum to the specific smart contract and is verified, the title to the house also gets transferred to Bob. Anyone who questions Bob's ownership can now check on the blockchain to verify whether Bob truely owns that house.
With the example provided above, the need for an escrow service has been eliminated which saved Bob some money. This type of technology is penetrating every market since its very applicable in many fields. There are many reasons as to why blockchain would be preferred more than middlemen. By placing trust in the blockchain instead of the middlemen who currently run the systems, we gain by having lesser fees and more security. To alter a decentralized blockchain would mean that every computer in the world that runs that specific blockchain must also be altered.
Blockchain technology was first introduced to our outdated financial system but has spread like a wildfire into all other markets. Other uses for blockchain include tracking food from farm to table. When the food was created, where it traveled to, how long it took to arrive at the supermarket, and how long before it perishes will all be available soon with blockchain technology. There are some developers already working on using blockchain to preserve DNA. By listing every possible DNA onto the blockchain, the world will have a public record of any animal or plant and its DNA composition. Even if certain species become extinct, with their DNA information we may be able to bring them back to life in the future.
