Blockchain may be the single most important technology advancement in the 20th century. But what is it exactly? Blockchain is a shared, secure electronic and immutable ledger that facilitates the process of recording transactions and tracking assets.
Virtually anything of value can be tracked and traded on a blockchain network. This blockchain network comes with some major advantages including reducing the risk of fraud, cyber, and human error – while cutting costs for all involved!
blockchain in your everyday life
While we can start to imagine the application and possibilities of blockchain for different industries, you can also start seeing blockchain use cases for your everyday life.
Where and how will you encounter blockchain? Currently there are several real-life uses for blockchain in development including:
Healthcare
Medical history could be securely stored and controlled by you the patient with blockchain. It can also be effective in tracking and tracing the shipment of medicines and be used for the control of temperature in which pharmaceutical products should be stored.
Voting
Reducing fraud, blockchain records could create tamper-proof election results. Blockchain also reduces the cost of elections, ensures voter privacy, and allows for secure online voting. (Potentially increasing voter turn-out).
Supply Chain
With blockchain we would be able to check the history of a product, allowing companies to verify the authenticity of their products, along with such common labels as Organic, Local, and Fair Trade.
Property Records
Storing land records on a blockchain could help solve land registry problems and prove ownership while cutting down on costly title research and insurance.
Cryptocurrency
Blockchains are the basis of bitcoin and other cryptocurrencies and are used to record transactions.
Banking
Blockchain can easily be used to make transactions via financial institutions more secure and efficient, while also facilitating the free flow of money and data securely and without fees.
Blockchain’s capability to enable the secure transfer of money at little or no cost could ultimately upend the $400-plus trillion in noncash transactions handled by banks every year, and for money transfer businesses it can significantly undercut their fees.
sandstone investment approach
There are many ways to participate. Sandstone is investing in everything from the material that the blockchain technology requires, to the picks-and-shovels that are required to build it, to the payments systems that use it. The investments are boundless. Blockchain technology is undoubtedly here to stay and will change the face of several industries and our everyday lives moving forward.
While blockchain provides greater trust and security, the most significant advantage of blockchain’s distributed ledger will be on reducing operating costs by removing intermediaries and the administrative effort of record keeping.