Blockchain is not only used for cryptocurrencies

When you hear blockchain, the first thing that comes to mind is cryptocurrency. Of course, blockchain is a technology created for cryptocurrency, but it is expected to be applied in many fields other than cryptocurrency, such as distribution, logistics, manufacturing, public service, insurance, and personal authentication.

Gartner predicts that the business value that blockchain will create is $176 billion by 2025 and $3.1 trillion by 2030.

What is blockchain?

Blockchain is a data distribution processing technology in which all transaction details between users in a given network are distributed and the records are shared with everyone. Although it is shared with everyone, the transaction details are encrypted through a hash function, so it is impossible to know exactly what is in the block, and due to the nature of the block chain, the contents in the block once entered cannot be changed.

If we compare the blockchain to Google Doc, it is similar to that everyone who has permission to the Google Doc file receives the same real-time updates.

The biggest characteristic of blockchain is that it is expressed as a decentralized system because transactions are made on a network shared by everyone, unlike the existing transaction method that uses a central server. For example, when A sends money of 100,000 won to B, it can send money in a peer-to-peer (P2P) way through the block chain without going through a central system called a bank.