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Blockchain isn’t only for cryptocurrencies. Blockchains can be used for a variety of purposes, including forming contracts, keeping track of ownership, distributing data, and even marketing.
As companies adopt blockchain technologies they are rapidly decentralizing tasks and authority. While a corporation answers to both shareholders and customers, in a decentralized company the customers are the shareholders. How will this change the face of marketing in the future?
First a refresher: what is a blockchain?
Essentially, blockchain is a database. It forms a public ledger of transactions that have been cryptographically encoded, or “hashed.” Periodically, all new transactions are written to a “block,” which is then linked back to the old block with a hash, like a chain.
Blockchains are distributed, which means they are kept on different servers and devices around the world. Because of the duplicate nature of each transaction, it is nearly impossible to alter or hack a block, which is appealing to businesses today.
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