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Five Interesting Facts about Blockchain Technology

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Whether you understand it or not, blockchain technology is coming – and fast.

Retailers, corporations, governments, you name it are rapidly adopting the technology.  In fact, it’s already impacting the food you eat due to IBM’s latest technology.

IBM launched a ledger that will track food supply chains.  Known as IBM’s Food Trust Ledger, it allows food retailers, suppliers and growers to observe the supply chain in real-time.  Therefore, this improves transparency and provides a way to trace the origin and safety of food. The last thing we need is unsafe lettuce again.

Ticketmaster acquired Upgraded, a blockchain technology company that services the live event industry.  Additionally, Upgraded can convert traditional tickets into secure interactive digital assets. Therefore, the technology provides protection for peace-of-mind for the customer.

Here are other facts you should be aware of, as we near a world controlled by blockchain technology.

1.  Proof-of work hashes can be solved by hand

It’s not necessarily a good idea, and it will take much longer.  However, not everyone realizes that the old fashioned way can provide a solution to the Bitcoin hash, or SHA-256 algorithm.  The steps are tedious and too complex to list, but it involves converting the hexadecimal into binary and back.

Your actual chances of solving the hash are still as slight as they would be with your PC.  However, at least you will acquire a clear understanding of the process.

2.  There’s a blockchain node in outer space

In February, Qtum launched the first verification node into space, attached to a Chinese satellite.

For this project, the blockchain company partnered with Spacechain, known for two things. One, building an open source network in space in order to bypass regulations, and two, crowdfunding space missions with crypto.

Bitcoin Core developer Jeff Garzik backs the technology, together with a Tesla and SpaceX investor Tim Draper.

3.  Prominent banks are testing blockchain technology

It’s common knowledge that, in the U.S. at least, banks and cryptocurrency are like oil and water.  Therefore, this situation will remain as long as crypto isn’t legal tender.  However, big names like J.P. Morgan Chase and MasterCard are extensively testing the blockchain technology.

J.P. Morgan developed their own Ethereum-based platform to use for international, B2B transactions.

4.  The blockchain helps with wedding vows

Blockchain technology doesn’t only refer to cryptocurrency.  Developers are exploring its application for supply chains and other business services.  In the years to come, its uses could expand into newer, previously unimaginable fields.  Many want to see it used for marriage.

For one thing, the tech-minded find that attaching your wedding vows to the blockchain is the most permanent way to do it. Therefore, information on the ledger can never be changed.  Others see it as another way to decentralize something personal from state control.  And finally, it could help in terms of cross-border marriages where laws don’t always correspond.

5.  Blockchain didn’t entirely begin with Bitcoin

As with most great inventions, blockchain technology involved earlier, similar attempts before achieving successful application.  Usually the technology is first attributed to Stuart Haber and W. Scott Stornetta.  In 1991, they came up with the idea of a crypto hashing system to timestamp documents between two parties.

 

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