Despite its cons, cryptocurrency has introduced powerful technologies to the market, including blockchain protocols which essentially act as an advanced ledger for cryptocurrency exchanges. However, this technology is now being utilized for the protection of numerous industries, including the healthcare industry by preventing counterfeit pharmaceuticals from entering the market.
A paper published by Portland University researchers outlined how blockchain technology could be used as an anti-counterfeiting system for numerous industries. But, understanding how this technology can be applied to various markets means taking a closer look at its use in cryptocurrency.
Essentially, cryptocurrency platforms utilize blockchain technology to store and track the incoming and outgoing transactions that they facilitate. These transactions are stored across numerous computers that are linked by a peer-to-peer network. The history of transactions stored on the blockchain is extensive, and allow those in control to view a detailed account of exactly what is going on with each transaction.