Blockchain Without Crypto: Embracing Decentralized Technology

Cryptocurrencies hijack most blockchain-related headlines, but adoption of their underlying technology has grown rapidly.< /p> A blockchain can be thought of as a distributed database with information stored on every node running the network. Since the database is distributed among those running the network, it ensures that the data stored in it is accurate and stored securely.

As the name suggests, blockchains store their data in blocks that are added to the network over time. Each subsequent block builds on the information stored in previous blocks, which means blockchains form a timeline of data that can be securely trusted.

When it comes to cryptocurrencies, blockchain ensures trust and solves the so-called Byzantine Generals Problem, which describes the difficulties that dispersed parties have in reaching consensus. Since Bitcoin uses blockchain technology, one can accurately verify that funds are not double-spent, its supply is limited, and transaction history on the network.

The technology goes beyond these use cases, however, with a number of companies and organizations having already adopted blockchain without cryptocurrencies.

Blockchain technology is commonly associated with cryptocurrencies, with the Bitcoin network being its number one use case. At its core, however, a blockchain is a distributed ledger shared between a network of nodes, which means its use cases go far beyond cryptocurrencies.

Cryptocurrencies steal most blockchain-related securities, but adoption has nonetheless increased for the technology. An example could be IBM partnering with the Abu Dhabi National Oil Company to pilot a blockchain supply chain system for oil and gas production.

There are several other examples, including the Da Beers Group which tracks high-value diamonds through its supply chain with a blockchain and JPMorgan which uses the technology to calculate loan collateral.

Speaking to Cointelegraph,...