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Fascinating Examples Of How Blockchain Is Used In Insurance, Banking And Travel

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  • Fascinating Examples Of How Blockchain Is Used In Insurance, Banking And Travel

    Blockchain technology promises to revolutionize many aspects of how we do business and, if you believe the blockchain hype (of which there is plenty), may even be as disruptive as the internet was before it.

    Despite this, practical, real-world examples of blockchain technology can be a little thin on the ground – and that makes it harder for businesses to envision how they might implement the technology in the future. In this article, I look at three industries that are realizing tangible benefits from blockchains, potentially leading the way for other industries to follow.

    A (very) brief overview of blockchains
    I’ve written a more detailed blockchain explainer elsewhere, so I'll try to keep this overview brief. Blockchain technology promises a practical solution to the challenges of storing, managing, and protecting data. It provides a useful and highly secure way of authenticating information, identities, transactions, and more – creating a super-secure record that can be updated in real-time.

    A blockchain, therefore, is basically a way of storing data. To put it in more technical terms, it’s a form of open, distributed ledger (like a database), where the data is distributed (duplicated) across many computers. The ledger may be decentralized (i.e., with no one central administrator), and information may be authenticated via a peer-to-peer system.

    Cryptocurrencies like Bitcoin are perhaps the best-known examples of blockchain technology in action. But pretty much anything can be stored on a blockchain, from financial transactions and contracts to supply chain information and medical data. In theory, any process of recording, overseeing, and verifying information could be enhanced by blockchain technology.

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