CMO.com has a decent article on bitcoin. The title is a bit pretentious, “Read This and You Can Stop Pretending You Understand Blockchain” The article fails in completely explaining what it is but it does a great job in giving examples on where blockchain technology will improve transparency and efficiency in many different industries.
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I don’t necessarily disagree with that approach. In reality, blockchain represents a transformative technology that’s complex enough as to defy a simple explanation. I’ve seen a couple YouTube Videos that help explain some of it:
- IBM Think Academy
- Blockchain Basics – a good description of blockchains value in bitcoin
- Blockchain 101 – a 17 minute in depth explanation. Walk you through it all
The article doesn’t walk you through what is blockchain. It does walk you through the many ways in which blockchain technology can be used. Really, the possibilities are endless. If a transaction has a middleman or needs a middleman then blockchain has some possible uses. Here are some of those examples although you should read the entire article to gain more context:
- Currency: OK, they don’t go into much detail but it’s the main use case EVERYONE uses.
- Raise money: yes, use blockchain to cut out those financial middleman and get funding for your startup
- Digital Media: more transparency in digital ad, digital views, etc.
- Digital Rights protection: think of it as a copyright and you getting paid for it.
- Validated and referenceable or trusted content
- Receive and pay for service
IBM uses an example of tracking a diamond through it’s lifecycle. Alex Tapscott talks about a variety of financial services examples including transfer of property. Wouldn’t you love to get around that absurd title insurance fee?
The digital world continues to evolve and in some cases transform. Blockchain promises a transform type of change rather than evolution. If you can cut out banks entirely, then what value do they have? If you can register your stock transactions in the blockchain, then what value do stock brokers have? This will upend many industries. It has the potential to change yours as well.