Am I Getting a Better Understanding of Blockchain?

 •  Filed under thoughts

So thanks to one of my friends, I was linked this video from HBS that describes blockchain in a way that helped me actually understand the concepts behind it. Before, I consistently just thought of blockchain as the technology behind Bitcoin and it didn't make sense as to how it would be used in other aspects.

I already knew that people were talking about it as a way to record transactions and distribute that. I had heard of ideas within commerce related to shipping and product management, but I hadn't quite understood where it could be used anywhere else. What this video had me do was not focus on what people have said can be done with it, but what the basics were, a ledger.

What is a ledger used for in today's world? Obviously recording transactions. But ledgers don't just limit me to payments, shipping, and those other aspects that peple have already talked about. Today that same friend linked me to the announcement of a new startup, lifeID, which has the idea of using blockchain technologies to provide a ledger of personal authentication. Will this take off and work? I don't know, but it helps me push my understanding further as to what this technology can do.

Of course, I have an experience in commerce, so I generally think of what can happen there. Where would a distributed ledger be beneficial to many people? What about many businesses doing business with each other? This is what is going through my head now. I am sure I will come up with something that someone else is already working on, and that is okay. But what that will also tell me is that my ideas are in the right direction.