It is that which is becoming increasingly prominent among all sectors of the industry and hence businesses should watch out as it keeps updating itself. A hot trend like it is, blockchain technology is helping businesses out in a number of ways. Be it the banking sector or healthcare industry, blockchain has something to give it to all. This technology is giving way to new advancements and also creating new opportunities for more or less every industry and everyone is keen to know more about it.
The Digital Ledger
The best part about blockchain lies in the fact that it does not permit hacking or forced alterations to the records that it stores. Being a digital ledger, it is the job of blockchain to store various records of transactions and in a way so that they can be verified and also recognized.
The Finance Industry
Transference of money through conventional banking system demands some amount of money to be paid for the service being provided. The entire process of transaction consumes a lot of time and is also quite expensive. The degree of security cannot be expected to be 100% one. Blockchain provides a payment system which follows a peer-to-peer system and is highly secure and the funds demanded for services provided is also considerably less. There is no central authority that plays a part in this payment system. A transaction using cryptocurrency, for instance Bitcoin or others, can be done without a third party acting in between.
Blockchain and its Security
Cyberattacks are a big threat and with digitization taking over the world it is becoming an even more serious problem. Blockchain can act as an efficient solution to problems like these. It holds the ability to provide security to data and protect them from unauthorised uses. With it being a decentralised system, blockchain could be the apt choice for cases which demand high security. The information that is stored in any part of the blockchain network is verifiable and undergoes encryption by a cryptographic algorithm and this system acts as a prevention for wide scale attacks. Malicious acts can easily be identified due to the peer-to-peer system and the data there cannot undergo any kind of tampering or alterations. The problem of private information getting disclosed is not there. This is achieved as blockchain provides a transparent and secure way of transaction recording without having a centralised authority in between.
The Logistics Industry
Traceability of the different steps involved in the supply chain is possible with the help of this technology of blockchain. Permanent transparency of transactions is provided and the different transactions are also subject to validation that are shared by multiple partners involved in the supply chain process. The transactions involved are permanent and also verifiable and this makes things simpler for both the customer as well as the owner to track every record involved.
The Healthcare Sector
The healthcare sector is associated with a great number of problems when it comes to the storage of health data. It is possible that anyone could gain access to the sensitive information that is stored in the files located centrally. During the process of retrieving some specific information it could be that long hours are wasted in searching the information. Hence blockchain technology holds immense importance for this sector. This technology removes the need of a central authority and ensures quick access to data. The entire system is designed to make it difficult for hackers to serve their purpose of data corruption.
Blockchain and the Government
In the case of the traditional voting system, voters cast their votes either by mail or after waiting in a queue. The local authority counts the votes. Even in case of online voting, cases of fraud arise as in both situations the involvement of a central authority is there. Making use of the technology of blockchain is thus the wisest choice. Here voters can cast their votes online and they need not reveal their identities. Accurate counting of votes is possible as a single ID refers to a single vote only and once the addition of the vote has taken place in the ledger, alteration of it is next to impossible.
In matters of transportation also, blockchain technology can be used for easy tracking of the shipment of goods. Blockchain technology is all set to foster positive changes in the different industries. It is a technology which prevents malicious attackers from causing damage to sensitive information. Blockchain is and shall continue to impact the different industries like healthcare, logistics and supply chain and so on. The future can expect a lot more from this technology.
Wrapping it up
Whether it is the crypto-enthusiasts or the business minds, blockchain has something incredible to offer to all. The concern may revolve around the data transfer in a smart way or around the security issues, blockchain has the solution for all.
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