Bitcoin Needs Blockchain …
Blockchain and bitcoin technology go together. If you are questioning how blockchain works, read on! The two technologies do not only work together. Blockchain is a stand-alone technology. It has widespread uses.
Blockchain Does Not Need Bitcoin
Bitcoin needs blockchain to work. However, blockchain works without bitcoin! That’s right – blockchain is a stand alone platform. Therefore, blockchain has uses beyond cryptocurrency. Thus, business models other than crypto are using blockchain.
Blockchain can be applied to other things of value. Bitcoin uses blockchain. But, blockchain’s uses are so much more than cryptocurrency. Click here to see how Walmart is using blockchain. Thus, new uses unleash the true power of blockchain.
The Walmart Example
Walmart shows how blockchain enables tracking supply chains. Tracking supply chains protects our food. Protecting the food supply benefits everyone.
Imagine knowing exactly where contamination enters the food supply. The bad food is quickly removed from the food supply. As a result, the good food feeds the hungry. Accordingly, we are protected much more quickly.
The uses for blockchain does not stop there. Blockchain manages land deeds. Birth certificates can be tracked on the blockchain. Even contracts, including smart contracts, are managed on the blockchain.
Healthcare on the blockchain is so exciting that it will be the subject of its own blog.
Thus, blockchain revolutionizes the internet. In addition, blockchain revolutionizes the way private information on the internet is transmitted.
Blockchain Technology Unlimited Applications
Developers use blockchain for greater security on the internet. Accordingly, blockchain also allows developers to remove trusted third parties. Trusted third parties increase the costs associated with on-line transactions. Other blog posts discuss this.
Blockchain is Permissioned
Permissioned means only those with permission can access the blockchain. However, this does not mean that the blockchain limits who can use the blockchain. In other words, the level of permission varies with each blockchain. Permission is granted to accomplish the goals of the blockchain.
Developers limit certain users access to the blockchain. Consequently, not all users require the same level of access to the blockchain. Some users will have more access. Moreover, other users need less access to the blockchain.
For instance, let’s consider a blockchain that stores information about healthcare. In this case doctors, patients, and insurance companies will have access to the blockchain. However, each user will have different permissions.
In this case, doctors access their patient’s information. The patients only access their information. Finally, the insurance company accesses records for all patients who are their insureds.
Bitcoin operates on the blockchain platform. Without the blockchain platform bitcoin cannot function. However, the applications for blockchain extend far beyond cryptocurrency. Future posts will address these functions in more details.