Fintechs have been getting a lot of attention lately, and it is hardly surprising since they offer us new and innovative products that make life so much easier. The Fintech that has probably made the biggest splash in the last decade is definitely blockchain. It is what makes it possible to spend your Bitcoin.
But, that is only a very tiny application of the technology. In the real world, we need to access information faster and more securely. We want to verify manufacturer’s claims about where they source their items. We want better ways to track information.
Blockchain can be extremely helpful in this arena as well. Imagine being able to access a worldwide database that contained details of the credentials of every person who had attended schools that subscribed to some particular service. The folks over at BitFortune.net explain how all this can be done and more, with the right application of blockchain tech.
We are not talking here about user created details, but data that would be added by the institutions themselves. There are already people working on this to make it possible.
Why would it be important? It would allow prospective employers, learning institutions, etc. to confirm that the educational details that an applicant is claiming to have are legitimate.
The same idea could be applied across various industries. How about for tracking parcels, for example? Or tracking whole shipments?
The blockchain technology is about a lot more than simple cryptocurrency applications. Sure, it works well as a base for financial transactions, but there is a lot more to it than that.
For starters, the chain is incorruptible – you could not erase data even if you wanted to – there would always be a record.
Secondly, it is autonomously operated by the members of the network. If, for example, the government of China wanted to shut Bitcoin down, that would not be possible because the chain is free of any single entity control.
Unlike most things online, blockchain makes it possible to create instant trust between two parties – whether that is in exchanging money or data