What do we call blockchain technology so the people will understand it better? The blockchain technology is not for average persons. It probably ranks on the 10,000th level of the nerd scale. This makes it difficult for a startup business to get people to comprehend it. They need to explain the technology behind Bitcoin in ways that laymen understand to help unpack some of its complexity.
In order to unpack the complexity of blockchain, some shiny marketing gloss should be placed on top. However, marketing to the masses will clearly take more than a 10-minute brainstorming session. It can be difficult to get mainstream consumers to trust their life savings to a decentralized bank or a blockchain-based insurance when they don’t understand the concept.
The blockchain is a massive decentralized trust machine and a distributed ledger technology. It is a programmable trust infrastructure that allows you to program your trust in the concept or the rules. This allows you to remove the systemic risk, which is one of the technology’s key benefits. Technically, it cryptographically validates secure web pages and pulls together data from them.
There is a broad range of things that you can do with the blockchain technology. Integrating it into the Internet of Things lets you keep track of rental or ownership of physical objects. It could also act as a real-time inference audit tool that promotes continuous blockchain traceability. This means that you do not have to do another audit on failed spot checks because, essentially, you would be auditing as you go along.
There are a bunch of upstart players across industries, and they can benefit from the blockchain technology if consumers understand the concept. The technology is a distributed ledger that records and verifies every transaction made worldwide. It is a decentralized trust machine; thus, it is difficult to hack or alter records in its registry. Understandably, it is a brilliant and extraordinary technology.