A blockchain can be seen as a distributed database whose information is stored across every node running the network. Because the database is distributed among those running the network, it guarantees data stored within it is accurate and securely stored.
As the name implies, blockchains store their data into blocks that are added to the network as time goes by. Each subsequent block builds on the information stored in previous blocks, which means blockchains form a data timeline that can be securely trusted.
When it comes to cryptocurrencies, the blockchain ensures trust and solves what’s known as the Byzantine generals problem, which describes the difficulties dispersed parties have in reaching consensus. Since Bitcoin uses blockchain technology, one can accurately verify that funds aren’t spent twice, that its supply is limited, and the history of transactions on the network.
The technology goes beyond these use cases, however, with a number of companies and organizations having already adopted blockchain without cryptocurrencies.
Blockchain technology is usually associated with cryptocurrencies, with the Bitcoin Network being its number one use case. At its core, however, a blockchain is a distributed ledger shared among a network of nodes, meaning its use cases go well beyond cryptocurrencies.
Blockchain uses without cryptocurrency
Cryptocurrencies steal most blockchain-related headlines, but adoption has nevertheless been growing for the technology. One example could be IBM partnering with the Abu Dhabi National Oil Company to pilot a blockchain supply system for oil and gas production.
There are several other examples, including Da Beers Group tracking high-value diamonds along its supply chain with a blockchain and JPMorgan using the technology to calculate loan collaterals.
Speaking to Cointelegraph, Johnny Lyu, CEO of cryptocurrency exchange KuCoin, noted that the use of blockchain is “commonplace among government agencies and businesses,” and pointed to the Global Shipping Business Network (GSBN), a consortium that counts on the participation of major institutions including the Bank of China, DBS Bank and HSBC, as an example.
The GSBN has been testing the integration of its own blockchain platform to digitize and track container shipments. Lyu also noted the Indian state of Maharashtra has started issuing verifiable caste certificates on the Polygon network, while the Romanian Financial Supervisory Authority implemented blockchain technology…
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