For example, Magoon pointed to International Business Machines, which is looking into utilizing blockchain technology to track shipping around the world.
“Essentially what this is is a cloud-based data base that all the peers of this kind of chain can participate in and verify the transaction – cuts the middle man out if you will,” Magoon said.
Magoon also argued that the new blockchain technology may provide greater cyber security for data and may cover industries from health care to financial transactions, among others.
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