Since 2009, when the first cryptocurrency financial transaction took place, the craze for this payment method has continued to grow. The cryptocurrency used in many industries is similar to the web for the Internet. Indeed, it depends on a complex system that can be summed up. Actually blockchainas it is, it extends to a field much larger than cryptocurrencies. Betsonly.fr has seen what it can do for us.
Blockchain: what is it in a nutshell?
Blockchain is a secure way of storing and transferring “blocks of information” between third parties. This guarantees transparency at every stage and non-intervention of a centralized management system, which effectively leads to a reduction or elimination of the costs associated with each operation.
Imagine that person A and another person B are performing a transaction through two computers connected to the network. The latter is subject to verification by “minors” who approve it by entering into a file. Each transaction is public and available to all participants belonging to this network. It’s also encrypted and secure, so no actor can change their sequence without the approval of the other.
IBM, which adopted this new technology, defined it as a shared and immutable ledger that simplifies the recording of transactions and the tracking of tangible or intangible assets. He also uses it to support his partners in managing his distribution chain.
Blockchain goes far beyond financial and monetary transactions
It is true that when we talk about blockchain, we immediately see cryptocurrency monetary transactions conducted by bitcoins. However, this technology is not limited to financial and monetary transactions only. It encompasses a broader field of activity that will expand even more over the years. Many companies are already using it to open up their value chain to consumers. So one can follow food routes, from production to delivery to the consumer. Carrefour and even Nestlé are examples worth mentioning, among many others.
Even vaccine manufacturers link with this new situation. Obviously, the goal is to reassure the end consumer and help companies in their commitment to transparency.
And if the rules tend to be protracted in terms of blockchain or cryptocurrency, which is the very demonstration of this technology, the fact remains: everything is going well. In anticipation of consensus, the blockchain is expanding its scope. The opportunities it offers could revolutionize the traditional trading system, be it financial, monetary, medical, tangible or intangible. But beyond the rules, there is still a long way to go, as many problems and obstacles prevent its adoption.