Blockchain is a public and immutable digital record of transactions that can be used to track and trade anything of value, from currencies like Bitcoin to non-fungible tokens (NFTs) and even information. Initially, it was created as the basis for cryptocurrency but its utility has broadened beyond that with applications in areas like real estate, supply chain management and voting systems. But despite its widespread applications, blockchain technology is not without challenges and requires ongoing advancements to improve its scalability, privacy and integration with other technologies like AI.
One of the most pressing issues with blockchains is that they are slow and consume large amounts of energy to verify transactions. The Bitcoin network alone consumes more electricity than Finland, and some developers have begun to use alternative methods to power their blockchains like using excess natural gas at fracking sites or solar power. However, the issue remains to be resolved as many blockchains struggle to scale up to tens of thousands of TPS and beyond.
Despite these challenges, blockchain has proven to be an invaluable tool for countless industries and continues to be one of the most important emerging technologies. While it may seem unlikely that blockchain will be the next Prodigy or America Online, it is clear that this is an incredibly important and groundbreaking technology that could change the way we live, work and play.
ANSAcheck is a blockchain-based verification system that can affirm the authenticity of news content. Its purpose is to protect, deepen and reaffirm readers’ trust in ANSA, while creating a new barometer by which users can judge the credibility of media online.