The Ongoing Development of Blockchain Technology

Blockchain development is ongoing and in this short article, we take an in-depth look at the latest improvements and how this innovative technology can benefit businesses. Blockchain was originally introduced in 2009 with the release of Bitcoin, a cryptocurrency that uses blockchain, which is a decentralized open ledger system. Blockchain developers continued to improve the system and this led to many other applications of this digital network.

Eliminating the need for centralised control

One of the main advantages of blockchain is the open ledger-based system does not require central control, rather the node computers carry out calculations to verify the authenticity and if all are in agreement, a new data block is added to the chain and because it is hashed to the previous block, it makes hacking the system virtually impossible.

Smart contracts

A smart contract is compiled in computer code and when certain pre-conditions are met, the contract automatically executes and transactions are made. This has revolutionized commerce, saving both time and money by removing the need for third-party involvement and smart contracts are widely used in global commerce. These digital contracts are used in supply chain management, which streamlines processes and cuts costs considerably.

Typical blockchain applications

• Decentralized apps (DAPPs) – They run on blockchains and DAPP development is a booming sector, as many businesses design and build their own DAPPs, which offer many benefits. The DAPPs usually include smart contracts that automate transactions and specialist smart contract developers work with the main developers to integrate smart contracts into the app. When the pre-defined conditions are met, a smart contract automatically executes a transaction and this does not require a third party.
• Intellectual property rights – Blockchains are used extensively in recording intellectual property rights, mainly because of the high security that ensures the data is immutable and cannot be changed.
• Electoral voting – Blockchain is ideal for recording electoral votes, as the data cannot be altered and many governments are now using blockchains to host voting in state and federal elections.
• Online trading – Global trading markets use blockchains to facilitate trades and trust levels are high, due to the nature of the blockchain. Forex and cryptocurrency exchanges were the first to make the switch, while all major stock exchanges are also hosted on blockchain networks. Click here to find out about the most secure crypto platforms in 2025.
• Real estate – Blockchains are used to facilitate real estate acquisitions, prospective buyers can view a property with the seller and if an agreement is reached, a smart contract executes the transaction and ownership is transferred on the blockchain. Blockchain can also be used to record property ownership and many governments keep their records on blockchains.
• Healthcare – Healthcare providers can share patient data using a blockchain, while maintaining limited access to the data. Hospitals are using this technology to safely share patient data, which remains confidential outside of authorised users.
• Copyright protection – Blockchain is ideal for recording copyright ownership because it is a decentralised network that enables all to see who actually owns what.
• Qualifications & accreditations – Blockchains are used to record qualifications and accreditations that professionals hold, which eliminates fraud. The only way to alter data on a blockchain is to add new blocks of data. In this fraudulent world, it is important to ensure that people’s qualifications are, in fact, genuine.
• Digital assets – Digital assets can be securely stored on a blockchain that protects the asset by recording ownership data.
• Hosting cryptocurrencies – Bitcoin and other digital currencies use blockchain to manage the markets because the decentralized open ledger system does not require a central control mechanism.

Like all digital products, blockchain is being developed in an ongoing way and many more useful applications are being discovered. What had once only been used with cryptocurrency is now being used for many other applications. The future looks bright for blockchain technology and we predict that this technology will soon become mainstream around the world.

If you are interested in creating a blockchain network, search online for leading US blockchain developers and you can receive a free evaluation to determine how blockchain could assist your business. A complex process results in a finished blockchain project that is scalable and can be developed alongside your business. Cyber-security is an obvious concern when working with digital systems and when you commission a top-rated blockchain developer, you can rest assured that the system is secure from hackers.

Blockchain continues to be developed and is expected to become a major aspect of the Internet of Things. Since its original inception in 2009, blockchain technology has grown into something that is used for many applications, while more and more companies are turning to this innovative technology to record business data.