Blockchain: Everyday Uses and More

Sep 09, 2023

You've probably heard of blockchain by now. But what is it? At its core, think of blockchain as a special kind of diary. But instead of writing down daily thoughts or activities, it records transactions and information. It's unique because once something is written, it's tough to change, and many computers worldwide help keep and validate this diary. But how is it used in our daily lives? Let's explore.

Cryptocurrency: Digital Money

Imagine having coins, but instead of being metal or paper, they're digital. This digital money is called cryptocurrency. A popular example is Ether, which is used on a platform called Ethereum. To access and use this digital money, you need a virtual wallet. Think of it as a digital purse or pocket where you keep your coins.

DeFi: The New-Age Bank

DeFi stands for Decentralized Finance. Instead of going to a physical bank or financial institution, imagine accessing services like loans, trades, and earning interest via your computer or phone, without middlemen. Everything operates on blockchain technology, making transactions quick, straightforward, and without needing permissions.

Smart Contracts: Digital Agreements

Ever made a deal with a friend saying, "If you do this, then I'll do that"? Smart contracts are like these agreements, but they're digital and automated. If the conditions are met, the contract automatically does its part. For instance, when you buy or sell unique digital items called NFTs on a platform like stickitonfts, it's the smart contracts that ensure the deal goes smoothly.

NFTs: One-of-a-Kind Digital Items

Imagine owning a unique piece of art. Now, picture that art being digital. NFTs or Non-fungible tokens are these unique digital items. They can be anything – artwork, collectible cards, virtual real estate, and even digital certificates for real-world items. When you own an NFT, it's like having a signed certificate of authenticity that says it's yours.

Supply Chain: Tracking from A to B

Companies often need to track their products from the source to the store. Whether it's to find a fake medicine or to recall contaminated food, they need a reliable way to do it. Blockchain helps by providing a transparent, unchangeable record.

An example is Accenture: Partners with companies like Mastercard and Amazon Web Services to execute its circular supply chain program. Businesses can verify identities with facial recognition features, complete quicker payments and trace transactions along supply chains with blockchain technology. It then becomes easier for logistics organizations to deliver more consistent and uninterrupted service.

Other example is who combines blockchain and AI to give retailers, manufacturers and suppliers real-time insights into all of their local and global shipments

In conclusion, blockchain isn't just a buzzword. It's a revolutionary technology impacting various sectors from finance to arts to food safety. With its transparency, security, and decentralized nature, it's reshaping how we transact and trust in the digital world.