Blockchain is usually associated with cryptocurrencies. More than ten years ago, someone with the pseudonym “Satoshi Nakamoto,” presented something that would be a distributed ledger of records. These records would be stored in blocks and would be linked with one another cryptographically.
The main purpose behind the idea was that the blockchain technology would be a distributed peer-to-peer linked-structure that could be used to solve the problem to maintain the order of transactions and evade the double-spending difficulty.
Trading cryptocurrencies started getting popular as it got to the point where anyone could trade. With the release of apps such as bitcoinera.app official app even those who had no idea whatsoever how to trade could invest and start their trading journey.
But, blockchain expanded and found its way to many more industries, not only cryptocurrencies.
Why is blockchain different?
Blockchain has many advantages compared to using a digital database. For example, someone will always own the database, but nobody owns blockchain since it is a distributed network, a ledger that everyone has a copy of it.
Blockchain also has more security since the information is stored in a network of computers rather than in a single server. This fact makes the ledger much more secure than traditional databases. Also, there are more factors that make blockchain preferred by various industries, such as transparency, reduced costs, efficiency, speed, etc.
What are some of the companies that have adopted blockchain?
Many companies have recognized the benefits of blockchain and have already started to adopt it. FedEx is one of the biggest shipping companies in the world is using blockchain to track high-value freight and is soon planning to extend the functionality to nearly all their shipments.
IBM has partnered with some logistics businesses to see the chances of reducing costs and increasing efficiency. Some of these partners are CaixaBank, Walmart and the Bank of Montreal (BMO)
Furthermore, some of the other companies that have started to use blockchain are Mastercard, Burger King Russia, Bank of America, Microsoft, etc.