Fri. Aug 19th, 2022

Blockchain is proving to have endless uses. It seems that everything fantasy that you might have about connecting people, documents, services and transactions can be handled by blockchain easier and faster than conventional methods. The idea of a decentralized network offers endless possibilities.

An Easy Example

Let’s give you an easy to understand example.

Say you are on vacation, and you do not have the local currency, but you have your bank debit card. You were told that it is easier than carrying cash and that you got the best conversion rates.

Next you check into your hotel and the agent tells you that your VISA debit card has been denied do to lack of service. Then you call your bank on your mobile to find out their server was down and that they were working on it but they could not tell you when it would be back online.

With blockchain this could never happen as every node on a blockchain network stores the same data and has a record off all transactions. Now this a rudimentary example but it’s the basics.

Distributed Ledger

This is what is known as a distributed ledge. It has taken years and years for business to realize the benefits of blockchain technology but in 2019 and 2020 it is being adopted and developed for more and more uses. Every day there are no uses for blockchain technology.

It is now viewed as a better alternative to traditional databases.

But like every new advance acceptance and use take a long while to make it into the everyday thought process. A lot had to do with a lack of developer and other professionals as the is a huge education vacuum and a learning curve.

Government Bonds

Just yesterday, news surfaced that the Bank of Korea is starting to use blockchain to issue and track government bonds. This is not so new; many banks are using blockchain already to issue government bonds as this is not much different than bonds offered by banks or stocks by the stock exchanges what is new is that Bank of Korea will be able to offer real-time settlement and payment.

According to Yonhap Infomax, the Bank of Korea’s blockchain research regarding the bond market is being conducted.  The BoK reference to the purported first-ever blockchain bond transaction handled by the World Bank and the Commonwealth Bank of Australia back in 2018.

Forbes 2nd Annual List

On Wednesday, Forbes released its 2nd annual list of the top 50 companies embracing blockchain technology.

On the list were Walmart and luxury retailer LVMH and BMW as well as Google and Facebook. Amazon and Microsoft made the list of course. But a surprise was JPMorgan who seems to waive for and against the use of crypto technologies.

Blockchain was originally introduced as a way to process Bitcoin transaction but has taken a new course as smart developers have found more and more uses for this innovative technology.