Blockchain Technology

What can a blockchain do?

3 years ago

People have high hopes of the blockchain. It led to a surge in cryptocurrency prices in 2017. But the reality is: cryptocurrencies aren’t the blockchain. 

The blockchain is a standalone type of technology. And cryptocurrencies are just one use for the blockchain.

If that’s the case, what other uses are there?

In the following you are going to learn what the blockchain can do and how you can benefit from it.

1. Establish Digital Identity

Blockchains can use sophisticated cryptography to establish digital identity and true ownership. They do this by using a combination of public and private keys, which together create a strong digital identity.

  • A public key is how the public knows who you are (think of it as an email address)
  • A private key is what you use to confirm a digital transaction

Together, these two keys act as a kind of digital signature to establish your digital identity.