Where Are We with Blockchain? - HUB Blog

HUB TechMinutes

Business technology news, tips and events.

HUB Blog

Better business through better information.
2 minutes reading time (348 words)

Where Are We with Blockchain?

Where Are We with Blockchain?

The blockchain continues to largely be defined as the technology behind cryptocurrency. However, it’s certainly not the only practical way to use the blockchain. Blockchain has only become more well-known over the years, but as far as what the future holds, what can the business sector expect?

Defining Blockchain Technology
In its simplest terms, a blockchain is a peer-to-peer network that includes a continuously updating collection of records. The blockchain is made up of nodes and these nodes are encrypted and connected. What this creates is a system that makes records very difficult to change, as changing one record means creating a node to accommodate the new edit. The network majority must then confirm such an edit is fine, making it a truly democratic method of managing records found on the blockchain. These nodes, or “blocks”, also hold information about the record, including when it was created or edited.

How It’s Used
Blockchain is typically used for cryptocurrency due to the fact that it’s encrypted and not easy to change, but it can be used for various other purposes that lend themselves to these specific parameters. Public blockchains can be used similarly to Bitcoin’s distributed ledger, but a private blockchain can be used for private business applications.

How It Will Be Used in the Future
One particularly interesting way that blockchain could be used in the future is through sharing medical records between service providers. Thanks to its distributed nature, all of the doctors on any designated patient’s medical plan would have access to the same unaltered data, allowing them to provide the best possible care for that patient based on their specific medical history. This cuts down on time offices might spend on waiting for records and documents from other offices. Other ways that businesses might incorporate blockchain is through the use of a transparent ledger for public viewing, providing plenty of ways for users to track payments for services rendered.

HUB can help your business stay up to date on all the latest and greatest technology solutions on the market. To learn more, reach out to us at 204-772-8822.

Technology Basics: Navigation Bar
Are Your Mobile Security Settings Up to Par?

Related Posts



No comments made yet. Be the first to submit a comment
Wednesday, May 12, 2021

Captcha Image

By accepting you will be accessing a service provided by a third-party external to https://www.hub.ca/

Mobile? Grab this Article

QR-Code dieser Seite

Get Updates On Our New Blog Posts!

Book your free introductory consultation now.

Let's Talk

Happy Clients

Don't Miss Our Next Newsletter!

Subscribe to our free monthly newsletter! It's packed with valuable information, useful tips, and important security alerts.
* indicates required
Your email address is secure with us - we never share our subscriber information.

HUB Tech Minutes

12 May 2021
Small and medium-sized businesses have been playing catchup for over a decade when it comes to getting the physical security solutions that larger companies utilize. Fortunately, the gap has shrunk in recent years. Today, we thought we would outline ...
07 May 2021

Many businesses rely to some degree on Microsoft Word as their word processor of choice. Considering this, it seemed fitting to go over some of the productivity-supporting features that Word has to offer.

06 May 2021
Many businesses experience a similar scenario when dealing with their telephony—one where an extremely expensive solution limits their capabilities… unless, of course, they are willing to fork over more of their available budget. VoIP, or Voice over ...