Blockchain: Answer to most questions? – The Basics about Cryptocurrency

Billboard recently reported that two companies, PeerTracks and Ujo, are building a system which would attempt to solve the issues that music world is finding it hard to deal with, i.e., licensing and global royalty distribution. And here is the part that will be ‘music’ to our ears as well; it plans to use blockchain technology to do so!

Blockchain is a highly decentralized network run by people who update all transaction in real time. What makes this network transparent is that these individuals are not under any company. These records are kept on a public ledger which is open to anyone and anywhere, and is known as blockchain. So far, this system has been found to be impossible to breach and hence, it is now widely being seen as the answer to the traditional methods, which have been found to be time-consuming.

Such is the curiosity built around blockchain at present, that when the Vermont’s governor formally asked the stakeholders to study this technology to see if it could be used to help manage state records, it did not surprise anyone.

Earlier too we had reported that the credit card processing company Visa is also studying ways by which the blockchain technology can be used in payment applications. The company’s research at this stage is focused on improving the Visa Checkout and mVisa products. Before making a foray in studying the blockchain technology, Visa executive vice president of technology Rajat Taneja has said that the company “doesn’t see blockchain technology as a threat to its current operations.”

Not just that, at an event hosted by Microsoft’s Civic Innovation team in New York in July this year one of the speakers in the event, Chelsea Barabas, put her stamp of approval on the technology when she said that she sees the Blockchain as the “canonical media notary” and asserted that the technology behind virtual currency could also be used to bring transparency and distribution in the welfare payments.