Blockchain is useful for a lot more than just Bitcoin

Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.

Blockchain technology is not just useful for creating digital currencies such as Bitcoin or developing new financial technologies.

Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.

Blockchain technology was popularised by the Bitcoin digital currency system. But, essentially, a blockchain is just a special kind of database. The Bitcoin blockchain stores cryptographically signed records of financial transfers, but blockchain systems can store any kind of data. Blockchains can also store and run computer code called “smart contracts”.

What makes a blockchain system special is that it doesn’t run on just one computer like a regular database. Rather, many distributed processing nodes collaborate to run it. There can be a full copy of the database on every node, and the system encourages all those nodes to establish a consensus about its contents.

This boosts our confidence in the database and its contents. It’s difficult, if not impossible, to meddle with the database without others finding out and correcting it. The global consensus among the nodes about the integrity and contents of the distributed database is why it’s often called a “distributed ledger”.

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