A blockchain is a distributed database that maintains a continuously growing list of ordered records, called blocks. These blocks are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
blockchain is largely confined to use in recording and storing transactions for cryptocurrencies such as Bitcoin, proponents of blockchain technology are developing and testing other uses for blockchain, including these:
- Blockchain for payment processing and money transfers: Transactions processed over a blockchain could be settled within a matter of seconds and reduce banking transfer fees.
- Blockchain for monitoring of supply chains: Using blockchain, businesses could pinpoint inefficiencies within their supply chains quickly, as well as locate items in real time and see how products perform from a quality-control perspective as they travel from manufactures to retailers.
- Blockchain for digital IDs: Microsoft is experimenting with blockchain technology to help people control their digital identities, while also giving users control over who accesses that data.
- Blockchain for data sharing: Blockchain could act an intermediary to securely store and move enterprise data among industries.
- Blockchain for copyright and Royalties protection: Blockchain could be used to create a decentralized database that ensures artists maintain their music rights and provides transparent and real-time royalty distributors to musicians. Blockchain could also do the same for open-source developers.
- Blockchain for Internet of Things network management: Blockchain could became a regulator of Iot networks to identify devices connected to a wireless network, monitor the activity of those devices, and determine how trustworthy those devices are and to automatically assess the trustworthiness of new devices being added to the network, such as cars and smartphones.
- Blockchain for healthcare: Blockchain could also play an important role in healthcare, Healthcare payers and providers are using blockchain to manage clinical trials data and electronic medical records while maintaining regulatory compliance.