Blockchain: Blockchain and Its Implications

Overview of Blockchain

Blockchain is a decentralized database that's constantly updated
It provides real-time information about money or asset based transactions
Speeds up business processes by removing intermediaries of any sort
It is a mobile application that can work from anywhere and anytime via internet connection
No one owns Blockchain, however, everyone can use it which essentially makes it difficult for anyone to corrupt the network

Two parties can make an exchange without having to deal without having to deal with a third party institution
Banks can take days to process transactions, whereas, Blockchain can do it in minutes
The elimination of intermediaries results in lowered transaction costs
All of the transactions that occur on Blockchain cannot be changed or altered in any way

Not publicly available and the mainstream population is very hesitant when it comes to incorporating the technology
Blockchain is banned in some countries due to bitcoin being an unregulated currency
Even some Canadian banks refuse to deal with businesses that deal with bitcoin and terminate their accounts
The anonymity of protecting its users' identity in Blockhchain also causes discomfort among companies because it hinders the process of tracking individuals during security measures

The UK claims that Blockchain can be used to collect taxes in the near future
Possibility of distributing government identification like passports and license
Microsoft is interested in partnering with a company that uses Blockchain in a project to design an open source identity platform to make it easier for managers to incorporate the online currency into their businesses.