Blockchain for dummies

Everyone who is somewhat interested in technology has probably heard of the emerging opportunities of blockchain. Blockchain is a fast, efficient and cheap way to secure information and to conveniently process transactions without interference of banks or people. This principle accounts for financial transactions as well as other transactions. You can imagine blockchain as a ledger which collects and contains all data related to a transaction on a decentralized network. Everyone can add information to this ledger but nobody can manipulate it or change its rules. This leads to a high degree of safety. The security is based on complex mathematical algorithms. Because of this new technology we don’t need banks, accountants or notaries to control and verify transactions anymore. For this, the administrative and financial landscape can be completely different if blockchain continues to grow. The landscapes will be more efficient, faster, more transparent and more reliable.
But blockchain technology can be implemented in many other sectors as well. A new and interesting initiative is for example Smartbillions. Smartbillions is a lottery based on the blockchain technology and it the first fully decentralized and global lottery managed by Ethereum’s smart contract. Smartbillion stands against: “The greedy business models of ICOs with fraudulent intentions and unfair fund and token distribution schemes, which operate without genuine products behind them. We stand for fundamental blockchain values (decentralization, disintermediation, transparency, security and freedom), as well as comprehensive investor transparency.”
Another interesting example where blockchain technology is used is in the company Maersk. Maersk is a major nautical company. They experimented with using blockchain technology in there loading and unloading processes. Normally they need up to 30 to process all the information regarding this process but this won’t be necessary any longer with the blockchain technology. This process will be more efficient and fully automated.
If you are interested in a further explanation of this topic I recommend you to watch the following TED talk: https://www.youtube.com/watch?v=RplnSVTzvnU#action=share