What is Blockchain and How Its Changing the World

Jan 16, 2023

Author: Elle Miller

We are entering into a new era, the third Industrial Revolution of mankind. One of the main contributors to that is blockchain technology.

Blockchain is a growing technology that is changing the world we live in. It is becoming more widely used, and its impact is being felt across many industries. It is a decentralized ledger technology. It is a digital, decentralized, and secure database that records transactions across many computers or nodes, without the need for an intermediary. The blockchain database is shared by all users on the network.

It gets rid of the middleman!

Most popularly, it is known as the basis of cryptocurrency and the technology behind every token and coin like Bitcoin and Ethereum. It’s true! It allows users to own their money outside of a centralized body controlling the value like the government or banks. It allows secure, transparent, and anonymous transactions all over the world that are safer, cheaper, and faster.

However, blockchain technology will not only disrupt finance but will completely change different industries. Healthcare, art, airlines, owning land, and so much more will be affected by blockchain technology.

Here are some very interesting real-world applications that exist today:

  • VeChain: This technology allows you to fully understand where your food comes from. Have you ever wondered if your food products are sourced locally, the accuracy of the nutritional facts when it was produced, and more? VeChain aims to provide that transparency by working with Walmart China to do exactly this.

  • B4REAL: B4REAL is providing a global first service in helping you save for and buy properties in the real world, leveraging crypto, and blockchain technology - all through purchasing their B4REAL token. The great thing is you can also stake your B4REAL tokens and earn an amazing return and have this go towards your property purchase.

  • PowerPlay: PowerPlay is the latest innovation in the renewable energy space - it applies the power of crypto and helps users save BIG on their energy bills while earning rewards. There is currently 2 BILLION dollars worth of renewable energy NOT being utilized, and yet everyone is still paying too much for energy every month! PowerPlay seeks to help people use energy, earn crypto, and pay less.

Other projects can one day allow us to vote privately and safely from our homes, own digital art that can never be duplicated or destroyed, and draft up legitimate and safe contracts without the need for a third party. All these will be possible through blockchain technology.

Yes, with over 20,000 projects in the market now and so much more being created each day, some projects will fail or only last for a couple of years or months. However, the technology that lies beneath it: blockchain is here to stay. So, how do you know which projects to invest in and when to make the most of this technology?

These are the golden questions. You need the knowledge to know what to look for and have a good process in place for picking the projects that have the higher probability of succeeding in an early-stage market like crypto & blockchain.

If you want to learn more, join us at decryptingcrypto.com.