What Is Blockchain? How the Technology Transforms Daily Life – Bloomberg

The technology’s reliability and automation benefits make it ideal for digital health passports, banking, and gaming. 

When Maria-Eugenia Valle needed to show proof of vaccination to attend a folk-pop concert in Bogotá in September, she pulled out her phone and opened her VitalPass app, which uses blockchain technology to generate a QR code that allows a venue to verify a user’s status. The digital passport is more reliable than a paper vaccination card, which could easily be faked, the 22-year-old says. “You can trust it more, because it’s got a thing with blockchain behind it.” 
Blockchain is best known for supporting cryptocurrencies such as Bitcoin, but versions of the technology are fast making their way into many facets of daily life, from vaccine passports to finance, gaming, and cross-border payments. The market for blockchain technology and services is projected to grow to $67.4 billion by 2026, from $4.9 billion this year, according to researcher MarketsandMarkets.