So what exactly is Blockchain? Invented by Satoshi Nakamoto in 2008, blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block contains an cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks. – wikipedia.org
Blockchain can be applied to a wide variety of solutions outside of cryptocurrencies. While it may seem extremely complicated, the overall idea is simple, but with great security benefits for the consumer and company using the technology alike. For example, privacy is becoming a bigger concern for consumers as our daily activities in both the physical world and cyberspace is being recorded and processed into a “digital id” whether we like it or not. By leveraging blockchain, in this scenario, you would have unrestricted access to the data that make up your “digital id” and blockchain would become part of the security mechanism that validates your record is accurate and unaltered.
As consumer profiling and data harvesting become more prevalent, there are a growing number of projects which aim to give consumers power over their data while changing the digital advertising paradigm for advertisers like Facebook, Google, and Twitter. Here are some of these projects:
Blockchain is definitely a force to reckoned with and its adoption is not cooling down anytime soon as many experts consider it the next evolution of the internet. In my opinion, both consumers and businesses will benefit in more ways than one. For even more perspective, take a look at the number of industries it will impact (beyond what we covered above).