Where blockchain technology will be used

in #cryptocurrency5 years ago

When it comes to bitcoin and cryptocurrency, we have to mention about underlying technology blockchain. In blockchain network transactions are recorded in each block and the blocks that are created are linked with one next to it by chain and shared by all participants. Therefore, this technology is also called distributed ledger technology. Where can blockchain technology be used that enables all participants to verify and share their ledger. Where can this decentralized and transparent technology will be used to?

At first, experts came up with the idea that blockchain will make a big impact in the field where flow of information or trust will be important. That's why blockchain technology was initially applied to the finance and created Bitcoin. The blockchain technology has been applied to digital currencies that cannot be traded without brokers in the past, but now cryptocurrencies are capable of transactions between individual.

Supply chain is also one of the areas where transparency and trust are crucial. Walmart, a leading U.S. food company, applied blockchain technology to trace the origin of product. The technology drastically decreased the time from 6 days to 2.2 seconds to find out where the product came from.

For example, when Romaine lettuce caused food poisoning in the United States, the Centers for Disease Control and Prevention has announced that all Romaine lettuce, which cannot be identified, should be thrown away. Despite the tremendous advancements in ICT, food distribution networks are still using very inefficient paper-based systems causing segregation of each stage of distribution. So instead of looking at hundreds or thousands of documents to track down where they came from, they decided to scrap all Romaine lettuce.

2018 was a time for companies to have a deeper understanding of blockchain technology and how they can bring new technologies into their field. As experts gain a deeper understanding of the characteristics of the blockchain, there are predictions that the block chain killer app will be a game. Killer app is a service or product that has the power to dramatically change the market right after the launch. The reason why games can be the killer app of blockchain is that virtual space free from regulation and users can easily access. In addition, when blockchain is combined with games, there will be a big change in the underlying structure, creating a new game ecosystem.

Bryllite team brought blockchain into game industry faster than anyone else, we will create a new blockchain game ecosystem. that never have existed before.

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