Five Ways Blockchain Could Change The World

Many people talk about blockchain and how it has the potential to change the world. But what exactly is blockchain? And how could it change the world? To understand the answers to these questions, defining the technology and some of its features is important. A blockchain is a form of database that is, in many ways, an evolution of current databases. Storing information in the blockchain is different because unlike most other forms of storage, information is shared. Blockchain operates based on consensus where any change to the ledger is verified and approved by all network parties. Why is blockchain important? Blockchain has brought to the world a new way of doing business by handling complex tasks effectively. It is a faster and cheaper system of information storage that is also scalable. This technology can be applied in many differed fields as it has huge potential. The following are the five most important ways that blockchain could change the world.