Blockchain Will Revolutionize Business, Here’s How [Infographic]

Brian Wallace — March 23, 2018 Follow @nowsourcing

— March 23, 2018

Since Ada Lovelace first theorized the looping process fundamental to computer coding, women have been making huge contribution to computer science. Cryptocurrencies and blockchain are no exception.

When Bitcoin first appeared in 2009, no one was sure if it would become a viable currency. Today, bitcoin is not only viable, a single bitcoin is worth more than $ 8,600. Cryptocurrencies may be the future of money, but it’s the technology behind the currency that is already transforming business.

Blockchain provides a secure ledger of all bitcoin transactions, but this same technology can used make business run more efficiently. Big businesses like Walmart are already using blockchain to track their supply chain. Industries like education, healthcare, and nearly everything else, are testing new applications for blockchain.

Small businesses will also benefit from blockchain, which can support direct transactions, improve logistics, and lower operating costs. Many groups like the Digital Currency Group, which invested in over 100 companies in blockchain and cryptocurrency, and ColliderX, a crowd-funded, open-source research and development hub, are working to make blockchain and cryptocurrency available to everyone.

Blockchain can provide benefits like decentralized security, data management with secure verification, and improving logistics and transparency. It also has application in the growing Internet of Things, as a protocol to improve security. Crystal Rose is the co-founder and CEO of Sensay, which created an artificial intelligence powered chatbot platform that allows users to anonymously ask experts questions.

Smart contracts offer unbreakable encryption, paired with publicity to ensure the terms are met. Blockchain prevents smart contracts from being altered and eliminates fraud – along with the need for lawyers. Lightning Labs, and co-founder Elizabeth Stark, created an open protocol layer that uses smart contracts to make transactions cheap, fast and secure – and available to everyone.

Find out more about how women have contributed to computer science and blockchain in this infographic.

Infographic source: CryptoFriends

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