![]() ![]() For example, the U.S., EU, China, Japan, and South Korea collectively filed 1,248 blockchain patent applications in 2017, compared to 594 in 2016 and only 258 in 2015. While this technology has grown the most in cryptocurrencies given their transactional nature, it is adaptable to a variety of industries, which can be seen in the explosion in the number of blockchain patent applications being filed in recent years. The information also cannot be tampered with after the fact because each transaction is effectively saved in a long chain with other transactions that are then distributed broadly. There is no single government entity or company that can control each transaction because of this decentralization. ![]() The technology also provides decentralized control over the ledgers. These public ledgers create reliable records of transactions, providing details like times, amounts, and transaction data. In 2017, startups raised $6.8 billion through ICOs.īlockchain technology creates public ledgers of transactions and distributes them in a decentralized manner to multiple servers. A startup company can release its own digital currency, which investors can purchase instead of buying shares in the company. Startups are even using initial coin offerings (ICOs) built on blockchain technology to raise money instead of using a more traditional venture capital route. However, it continues to expand into almost anywhere information is stored, like primary voting, healthcare, and real estate. ![]() The term “blockchain” is everywhere, and it is likely that you will interact with blockchain technology every day in the years to come.īlockchain technology recently came to the public’s attention thanks to rising prices in cryptocurrencies, like Bitcoin.
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