But what if the cashier has access to records, or a general ledger, which states the balance of your credit or debit card, and is updated every time you buy something?
Even if the bank system went down, your card would still work in the supermarket, because the cashier is directly connected with the general ledger system and would know the balance of your account instantly.
Blockchain acts as a universal record of every bitcoin transaction. A blockchain is a book of finance, or a log of those transactions, and network users collaborate on verification whenever these transactions occur.
They are financially rewarded for the effort - what is known as the “bitcoin dig” venture.
The basic idea, a book of information distributed among many different users instead of being held in one central place, aroused great interest from people who wanted to put the system of widespread information verification into use for a multitude of different purposes. However, it bypasses banks and the monetary rulers of the world don't like when someone is messing with their profit.
But this is just a part of the reason why the blockchain revolution hasn’t started already.
article Blockchain has had a problem finding value, beyond cryptocurrency support such as Bitcoin, but that is about to change.
Prof Gilbert Fridgen, a financial services expert at Luxembourg University, seems to have found that value. He suggests a blockchain distributed ledger system that keeps track of certificates and degrees issued by universities.
Professor Friedgen, however, points out that nothing about a blockchain can prevent malicious individuals from trying to insert inaccurate information. He pointed out that if these trust issues could be resolved, then blockchains could be helpful.
In fact, it could start a revolution in global financial systems, far beyond our imagination. It may cause mayhem or reshape our future in positive manner. One way or another, the blockchain technology is slowly surfacing in a world of information archival.
Some large companies, such as shipping giant Mersk, have begun incorporating blockchain technology into their own operations, BBC reports. Mersk uses blockchain technology through TradeLens, a new system for tracking customs documentation of goods shipped to international destinations.
Maersk says that 10 million shipping events are now registered in the system every week.
Another project of interest is the real estate system installed by the Swedish land registry, Lantmäteriet, which uses blockchain technology to archive documents on the sale of a property.