Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency - it doesn’t matter if it's people, numbers, data, or money. - Ginni Rometty, CEO of IBM
- The first major thing blockchain technology was used for is Bitcoin. Blockchain is the technology that powers Bitcoin money. Bitcoin itself is a blockchain network, hence the term "Bitcoin Blockchain" or "Bitcoin Network".
Bitcoin is a digital cash with a limited supply of only 21 million coins. Like physical cash, you can send, recieve, and make payments in Bitcoin.
- Blockchain technology is also used to enable cryptocurrencies like Ethereum, Solana, and Litecoin; Stablecoins like Tether USD and USD coin; and central bank digital currencies like eYen, eNaira, and others.
In late 2021, Central Bank of Nigeria released a digital currency called eNaira. eNaira is powered by HyperLedger Blockchain.
- Not just crypto money. Blockchain is not limited to bitcoin and cryptocurrencies. Individuals and companies of all sizes are now using blockchain technology for different things like tokenizations, digital storage, and distributions.
AeroPaye a blockchain startup in Africa is using blockchain technology to tokenise airline tickets. This help customers quickly recover their funds in case of any cancelled or delayed flights.
Today blockchain technology is used in multiple industries including but not limited to:
- Banking & Finance
- Identity & Compliance
- Capital Markets
- Security
- Healthcare
- Transportation and Logistics
- and Gaming
The use cases and career opportunities in blockchain are growing every day. Think of anything or industry that has a supply chain, be it money, movies, or music, blockchain technology can be used to improve it.
While Bitcoin and cryptocurrencies may be the major use cases of blockchain right now, the truth is, blockchain technology, like the internet, is going to be used in nearly every sector of the world.
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