A blockchain in its most basic form is a decentralized, public ledger.
For example, #bitcoin is probably the most widely recognized blockchain technology. It uses blockchain to break away from centralized banks and governments to create a new type of currency.
In addition, as the technology matures, other uses are popping up everywhere. For example, IBM and Samsung are using blockchain to empower a new washing machine that will order its own detergent refills. This according to a note to clients from RBC.
These are just a couple of examples. Mitch Steves, an analyst at RBC, said instances such as these could increase demand for Nvidia’s (NVDA) graphics processing units (GPUs).
Cryptocurrencies, like Ethereum, verify payments in the same way. Cryptocurrency “miners” have been buying Nvidia’s chips to increase the power of their computers. This allows them to receive a larger share of the verification fees. Nvidia has said cryptocurrency mining has been a boost to the company. And more applications using the same technology could add to the demand for Nvidia’s chips.