In the old days you mined for gold out west with real picks and shovels in the hopes of striking it rich. In today’s world, with digital technology like the internet and blockchain, people are mining for gold in a whole new way. Here is what blockchain means for the future of business, wealth, and technology:
Diamonds are Forever
When it came out that children were being used to mine for diamonds and other precious metals in Africa, the international community was up in arms. And thankfully, blockchain allows us to now track where a piece of precious metal or gem was mined from and track it forever. Unlike physical ledgers, blockchain cannot be hacked or stolen. There is no central database so information about physical assets in this digital information ledger stay there forever.
Financial institutions have been big investors in way to make their systems more secure. Financial fraud is no laughing matter, so having the ability to protect information with advanced encryption has led many financial companies to look at the blockchain for answers.
Marketing can be one of the most profitable parts of any business. However, if you don’t use the right kind of technology, then it can also be expensive. This is what many companies have found out when they tried to offer free trials or otherwise a sample of their product. With blockchain, you can cut down on fraud by verifying someone’s profile via the ledger and not allowing people to take advantage of your specials.
Sharing Data Between Departments
When companies are prospecting for the next great opportunity, they need to send this information to their partners abroad. Without blockchain, this was expensive and time consuming. By using digital currency technology and replacing the payload with communications, companies are able to communicate with whoever they need to. This is true whether you are in the desert, at the beach, in your home country, or even abroad somewhere, as long as you are connected to the web.
When it comes to technologies that are disruptive, perhaps none are more revolutionary than blockchain. Every industry is looking to get in on the action. From banking, to transportation, to the jewelry industry, everyone can implement blockchain to have a chance at leveraging this powerful tech for their personal and business lives.