LISTEN TO Hits FM ANYWHERE!

ABC - Business News
Subscribe To This Feed View All
How blockchain technology extends beyond cryptocurrency

iStock/Thinkstock(NEW YORK) -- Blockchain technology is the foundation behind Bitcoin, and it was a driving force in the cryptocurrency's meteoric rise in value at the end of 2017 into 2018.

There are questions as to how long a cryptocurrency like Bitcoin can keep its market value, however, as the world watched it suffer a significant drop since the beginning of 2018.

There are many believers in blockchain technology though. J.P. Morgan CEO Jamie Dimon, for instance, once called Bitcoin a "fraud." He admittedly regrets making that comment, but in spite of his skepticism of Bitcoin, his stance on blockchain remains positive.

Blockchain is unfamiliar to many people as it is not widely used. There are a number of tech experts who believe over time, the blockchain could become a popular, secure technology employed to relay goods, currency, and ideas to others.

What is the blockchain?

Simply put, blockchain is a digital ledger. It securely tracks economic transactions and is able to record the trade of a number of goods.

The information that is stored in the blockchain is decentralized, meaning a network of peers governs each transaction, rather than one central body such as a bank. The records are thus easy to verify, accessible, and open to the public.

One important aspect of blockchain, and what makes it so intriguing among technology experts, is its versatility: it is not limited to cryptocurrencies and can be used across different industries.

NPER Project is one such company bringing blockchain beyond the digital currency scope. The team from South Korea seeks to protects the rights of creators and intellectual property (IP) using blockchain.

"We thought one of the most important early sides of indsutry we should innovate with blockchain technology is the intellectual property side... we're focusing on developing our main network now," says Daniel Nam, the company's general manager and operational planner, in a conversation with ABC News.

"Our platform provides not only the creator's IP protections using blockchain technology, but also a business model that everyone can participate when given. You can say it's just another bitcoin with exclusive features related to IP."

The digital asset that would be exchanged, NPER COIN, allows users to transfer intellectual property rights without a centralized institution in place, and it does not restrict the IP market to one specific category.

More on the development of NPER COIN can be found on the project's website.

NPER is one example of how blockchain technology can be used to transcend different industries, and there is belief among some tech experts it can disrupt more industries in the future, including cloud storage, voter fraud, and migrant crises.Copyright © 2018, ABC Radio. All rights reserved.



On Air Now
Dick Bartley
Dick Bartley
7:00pm - 11:00pm
The Classic Hit List
Hits FM Facebook
 

Melinda