The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.
This article explores the multi-faceted world of blockchain and its real-world implementations. It sets out a working definition of blockchain and examines some of the many uses of blockchain technology. To add some structure to this journey through the top use cases for blockchain, the post outlines the broad sectors of the crypto market with examples of current blockchain applications within those sectors. There is a mind-boggling range of potential uses of blockchain from payments, to insurance, to tokenising art, to gaming, and running gambling applications. The range of possibilities is near endless, perhaps the potential uses of blockchain are limited only by our imagination.
Given the current and long-established bear market gripping the cryptoverse, much that was promised during the halcyon days of late 2017, has not been delivered. While many projects linger on – a significant majority of these endeavours seem doomed to fade into irrelevance. While conducting this tour of the sectors of the market an effort has been made to ensure only active projects are highlighted. None of the mentioned projects should be taken as endorsements. As always, verify before you trust.
What is Blockchain?
In the simplest possible terms, a blockchain is a system where a record of all previous transactions in that system is maintained across a distributed number of record keepers that are linked together in a peer to peer network. Transactions (events/actions) are batched into blocks before being committed to the chain. The parameters of each blockchain vary greatly in terms of the process of validation, transaction speed, security, network participants and permissions but at the core, all share the goal of immutable and verifiable record keeping.
At the heart of a blockchain lies complex cryptography which secures the ledger while also facilitating access to it. Why this matters is that blockchains allow decentralized maintenance, access, and interaction with the chain allowing trustless actions to take place. Trust is replaced by math. Math is your insurance that the information stored on the chain is accurate and up to date. Such trustless interactions have opened up a world of fascinating use cases for blockchain technology. More in-depth explanations can be found here and here.
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