What are the potential uses for emerging blockchain technologies?

When you say the word “blockchain” most people jump instantly to cryptocurrencies, but this is just one of the many uses for the new technology. Blockchain isn’t just a form of online currency, but in fact is a security and information storage system with a number of potential applications that are encouraged by incubator companies such as Block8.

What is blockchain?

A blockchain is a list of linked records (like blocks in a chain) that are linked through cryptography. A block cannot be modified, however new blocks can be added to the chain with new information. The chain thus contains a record of all modifications that have been made to the information contained in each block, so people can go back through the chain and find all changes as well as the original information.

The blocks are all timestamped as well, and contain data that reveals when they are downloaded and who by. This makes it very easy to track the chains, as well as reveal who has the latest version. This is why they work well as a currency, but that is just one potential use.

What can you use it for?

There are a number of potential uses for blockchain, particularly in the financial sector. Any organisation that can benefit from uncorruptible records can use blockchain, especially if the data needs to be easily transferable. Currency is the one that has gotten big so far, because it is easy to see who has bought each piece of cryptocurrency – in essence, the company uses blockchain as a token.

Another growing use of blockchain as a token is for the token to stand in place of shares for trading. This method can remove the need for stockbrokers to access the share market, which simplifies trading and makes it easy to track and sell shares in a company.

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