Blockchain and its Many Uses

The technology behind bitcoin currency is called blockchain technology. It is up and coming in the investment and technology industries today but few people understand how it actually works. For those that do understand it, there are many different conjectures being made of other uses for blockchain technology, such as online voting and real estate purchases.

As bitcoin and other digital currencies evolve, the technology that underlies them may soon spread into other transactions: trading stock, buying and selling real estate, purchasing music and much more. 

A mini industry is forming to take advantage of the technology called blockchain, aiming to make a wide variety of transactions faster, cheaper and more secure.

The idea is to remove, as much as is practical, people and their bureaucracies from the transference of money, contracts and other data where tracking ownership is important.The several days it takes for a $40,000 payment to clear a bank, for example, could be cut to 10 minutes by relying on blockchain’s specialized, ostensibly highly secure computer networks. Bitcoin does just that.

 “We want to use the Internet to move things around because it’s fast, low-cost and transparent,” said Adam Ludwin, chief executive of bitcoin start-up Chain Inc.Bitcoin-related start-ups raised $375 million in the first half of 2015, or about 11% more than they did in all of 2014, investment tracking firm CB Insights said last week. The number of investments rose 63% compared with last year’s first six months.

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