Bitcoin may have garnered all the headlines, but the underlying blockchain technology is gaining traction in other industries that have long been resistant to digital disruption. Commercial real estate, for instance, is embracing blockchain in ways that could transform how buildings are bought, sold and financed, CNBC reports.
Blockchain is a database solution that allows for secure, transparent and permanent records of almost anything that can be digitized and stored in a computer. It’s a system that is now being used for everything from voting in democratic elections to tracking the provenance of online content to recording property deeds and titles.
A blockchain is a distributed network of computers that chain together files using programs that create “hashes,” or strings of numbers and letters, that are unique to each file. Each participating computer in a blockchain network then compares these hashes and, if there is a match, adds the new record to the existing chain. The process is immutable, which makes blockchains ideal for storing and auditing digital records.
Journalists and news organizations are beginning to explore blockchain’s potential as a tool for storing and auditing metadata about the origin of stories, as well as an effective way to track how stories are edited and reposted. In the longer term, the technology could also be a useful way to manage micropayments and digital advertising, as well as to help verify copyright ownership. The blockchain technology has its roots in cryptocurrency, but it is becoming increasingly widely used by financial institutions to make processes more accurate, efficient and secure, with fewer intermediaries.
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