As described by François Zaninotto, a blockchain is a distributed ledger of facts, replicated across several computers assembled in a peer-to-peer network. These facts can include monetary transactions and content signatures. The network consists of anonymous individuals called nodes, and all communication within the network is secured through cryptography. When a node wants to add a fact to the ledger, a consensus is formed to determine where the fact should appear; this consensus is called a block.
Blockchain, as a distributed ledger technology, has the potential to revolutionize businesses and industries. While the technology may seem complex, the idea behind blockchain is simple and can transform the way industries operate. Its impact extends beyond the financial industry, reaching industries such as real estate, music, business, cars, smartphones, healthcare, and public value, among others. Additionally, artificial intelligence and machine learning are expected to further change business operations. Here are a few examples:
1. Blockchain and AI can optimize energy use, acting as a green technology by reducing energy wastage. This will also change energy trading worldwide.
2. Blockchain, combined with AI, enhances cyber security by preventing tampering with digital data. This provides an extra layer of protection against cyber-attacks.
3. In the music industry, blockchain technology allows artists to receive direct payments from the audience, eliminating intermediaries and ensuring faster access to profits.
4. By removing the need for intermediaries like banks and credit/debit card companies, blockchain simplifies transaction processes for businesses, benefiting both the payer and the receiver.
5. Blockchain and AI play a significant role in e-governance and democracy. By gathering global data and tracing e-voting procedures, these technologies enable transparency and public engagement.
Blockchain technology, whether used individually or in combination with AI, has the power to revolutionize industries. If implemented correctly, it can exceed expectations and reduce global fraud. The list of industries benefiting from blockchain-based systems is expected to grow as awareness of the technology’s benefits increases.
