What do Bitcoin, Ethereum, and Dogecoin all have in common? You guessed it, they are all cryptocurrencies. Even more importantly, they are all based on blockchain technology. Blockchain is an innovative technology that makes it virtually impossible to cheat, hack, or change the system due to its digital ledger transactions that are duplicated and distributed over the network or computer system. Why is this important? Blockchain decentralizes transactions, which leads to greater transparency, security, and traceability. Having access to this technology also creates faster processes.
Blockchain technology can work for almost every type of transaction involving value, including money, goods, and property. Its potential uses are almost limitless: from collecting taxes to sending money back internationally where banking is difficult, to tracking packages. Blockchain could also help to reduce fraud in any area because every transaction would be recorded and distributed on a public ledger for anyone to see. This technology could even help human resource departments to recruit.
Now, for the bad news. There is growing evidence that blockchain technology uses a lot of energy, which has negative impacts on the environment. The proof-of-work algorithm that builds the blockchain is energy-hungry and requires a large amount of power to process. As you can see, there are several pros and cons that organizations must consider as they ponder the use of blockchain technology.
Now that you know a little more about blockchain technology, let’s discuss its application. Imagine that you are helping the military understand the utility of blockchain technology. Before you advise them, research blockchain technology. Start by reading the Forbes’ article, , and then watch the video below.
In your original post, answer the following:
- Describe blockchain technology and summarize four different ways it can be applied in everyday workplaces.
- How can blockchain technology be used in military recruiting?
- Do you think there is an area of opportunity for the military to use blockchain technology to trace military weapons? Explain.
- What are the reasons the military would use cryptocurrencies for international transactions?