The Blockchain And Its Impressive Use Cases

	Blockchain technology also known as distributed ledger technology (or DLTs for short) has seen a surge of new adoption. What are DLTs? What can they be used for? Blockchain simply refers to a chain of blocks that contains information. This concept dates back to 1991 when a group of researchers tried to timestamp digital documents. However, the technology only emerged in 2009 when Satoshi Nakamoto adopted it to create Bitcoin. At first, this revolutionary technology involved cryptocurrency applications, but it has evolved to include programmable chains for many use cases.

		## What Is A Blockchain? And How Does It Work?

	DLTs work as a database that stores information and spreads it to the devices on its network. Once data is stored, it becomes immutable, making it extremely difficult to alter or destroy. Data in a blockchain gets stored in something called "a block". And the order of blocks (which block comes first and which one next) is determined by a process called <a href="https://resh.community/understanding-crypto-mining/">cryptocurrency mining</a>.

Blocks contain data that help them secure and verify the blockchain. Every block receives a unique identifier called a hash. Each block can contain multiple transactions' hashes, and each block contains the hash of the previous block. Thus a type of 'chain' is created, essentially naming it 'Blockchain'. This system ensures the  safety of blockchain as a modification or tampering with any block, will ultimately return a different hash. This is what allows miners to verify blocks and ensure the safety on the blockchain.

		## Its Modern Use Cases 

	Blockchain caught the attention of companies and governments for it has proven its prominent applications in other domains such as exchange, contract, tracking payment, etc. It has the potential to revolutionize the industry supply chains. It has even caught the eye of many corporate giants, for instance, Walmart managed to shorten the time needed on food item tracking

. Furthermore, governments are exploring ways to take advantage of blockchain technologies. For instance, Estonia, plans on implementing blockchain in their taxation system and business. Furthermore, Sweden plans to enable the adoption of distributed ledger technologies as a solution to digitize real estate transactions.

Enterprises are looking to blockchain technology to get the most out of their existing business networks. When they evaluate the possibilities that blockchain has to offer, they look beyond the limitations of their current ecosystem.

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