The easiest way to understand blockchain is to think of it as a new way of storing information on a public or private virtual ledger owned by users (called nodes) on a network of blocks in a chain, or blockchain. Changes to that ledger, such as transfers of money or updates to a legal contract, are cryptographically verified and available to everyone in the network. Here are a few examples.

Blockchain solutions to sending money abroad will significantly reduce time and costs. Compliance and ID checks will be fulfilled automatically and authenticated by cryptographic signatures for participating banks connected through a blockchain network. Transactions will be settled in just a few seconds with an unalterable, transparent record for both banks.

When it comes to buying a home, blockchain will create a decentralized title registry. There will be a single, transparent version of a title, with changes only made after approval from everyone else. This eliminates fraud and costly paperwork involved with transferring titles.

Blockchain in everyday life

Blockchain will make it easier to treat health problems by improving the accuracy and availability of your medical history. By creating an accessible, permanent blockchain record of ailments, allergies, and lifestyle factors, doctors will be able to quickly diagnose and treat you. And since it will be owned by you, verification will be automatic, effectively ending mistaken procedures or false identification

You will be in charge of your purchasing power since every stage of a product’s journey, from manufacture to shipping container to display for purchase, will be recorded and available to all stakeholders. It will create an open, transparent framework free from confusion and false disputes, ensuring the products you purchase are genuine.

In short, blockchain will eliminate traditionally complex and labor-intensive tasks done by middlemen, resulting in a cheaper, faster, and more transparent technological framework to do both public and private business.