What is Blockchain Technology?

In 2008 Satoshi Nakamoto created the blockchain system and its first application: the digital currency Bitcoin. We have already talked about what is Cryptocurrency and why was it created.

But what is Blockchain?

Blockchain and Bitcoin were invented together, but Bitcoin is only the first of many uses of blockchain technology. Imagine that Bitcoin is an email and Blockchain is the internet. It’s only one of many exciting ways to use groundbreaking new technology!

Blockchain technology is built to let you safely transfer digital information (like money) in a secure environment, without the need for any middlemen (like banks). Skipping the middlemen makes transfers faster and a lot cheaper.

But blockchain can do a LOT more than just send money.

Guts is a transparent ticketing ecosystem that uses blockchain technology to eliminate ticket fraud.

Blockchain also records all transactions ever made and it’s strong computer code ensures that it’s impossible to change these records. Once information is added to the blockchain, it’s there forever. And because of this, it’s possible for two people to transfer money without the worry of being scammed.

Once digital money (like Bitcoin) is sent, it’s publicly added to the receiver’s account. So if a scammer tries to spend their money twice, it’s easily discovered and prevented.


What industries will Blockchain will impact?

The blockchain is a system that lets us develop new ways to safely manage and transfer digital property without the need for any middlemen and its applicability will impact hundreds of industries.
There are some “shortcomings”. By removing the middlemen a lot of industries will change and this may result in lost jobs. But the benefits will far outweigh the negatives.
Blockchain technology will help people save their time and money and empower them to control their property.
With blockchain, readers can pay authors directly, viewers can pay movie studios and listeners can pay musicians and cloud storage users can pay private cloud storage providers.
This works by saving encrypted files across thousands of private computers worldwide. Then all the storage providers get paid a small fee for their participation.
Let’s take a look at some industries Blockchain will have a HUGE impact.

International Payments

International payments by individuals and companies will become cheaper, faster and more secure. Automatically ensuring that the money is transferred safely and removing the middleman making payments a lot cheaper.
Currently, international payments are sent through a series of companies (banks or online services like PayPal) which all charge a fee making transfers slow, expensive, and dependent on permission.


Buying and selling solar panel’s energy will be a lot more reliable. With blockchain, energy can be bought and sold by private individuals. And again, people would be fairly charged for how much energy they use.


Many countries still use paper ballots and old-fashioned ways to count votes, but with blockchain automatically verifying voters identities and making sure all votes are correctly counted, voting can become much more reliable.

Ownership Records

Blockchain automatically ensures that the ownership of products like money, cars, and real estate is safely recorded. You’ll be able to easily prove your rights. This also protects us against theft and fraud.

Internet of Things (IoT)

Blockchain could be the language that devices use to communicate with each other. For example, your smartphone could request and pay a smart car directly with a trusted connection between IoT devices. Removing the middleman can make a more convenient and connected world possible.

When you request an Uber, the request goes to the central and then to the Uber driver. At the end of the trip, your payment goes to Uber that takes a commission and then pays the driver. With blockchain technology, the payment you go directly from you to your driver’s account.


Currently, people have to pretty much trust charities to do what they say and there are a lot of charities that are owned by corrupt people.

With blockchain, all donations can be tracked all the way from the source to the receiver and it’s possible to make sure the money is put to good use.



These are just some examples of blockchain’s potential. The possibilities are limitless. It gives you full control over your property and all transactions you make.
Every day, developers are creating new ways to implement the blockchain system.
The blockchain’s goal is to change the world and put you in control. It’s growing quickly and it’s just getting started!
What are your thoughts on Blockchain? Would you trust this system or would you prefer to keep a third party between all your transactions?

7 Comments Add yours

  1. kayleesong97 says:

    Your article has been listed on Krown (https://krown.io/story/what-factors-influence-the-price-of-bitcoin-3) Make sure to upvote your link!


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