Blockchain Basics

Learn why blockchain-driven innovation has garnered so much buzz and what industries it's being used in.

“Blockchain-driven innovation is in its very early stages, but momentum is building across industries,” says Alison McCauley, author of Unblocked: How Blockchains Will Change Your Business (and What to Do About It). “Over time, as the technology is more widely adopted and integrated, it will put pressure on businesses, whether they are using blockchain or not, to deliver more value to customers to remain competitive in the market of the future.”

How the heck does it work?

How is it being used?

  • Bitcoin and other cryptocurrency purchases
  • Financial records and customer data
  • Medical charts and insurance claims
  • Loan verification
  • Smart contracts

Why has it garnered so much buzz?

Blockchains certify something is true without someone in the middle doing checks and balances, McCauley explains. Because blockchains are a decentralized database not owned by anyone party and secured by advanced cryptography, they can be trusted even when the parties involved don’t know each other. They can replace tools such as financial ledgers, CRM and inventory tracking systems.