Blockchain is one of the most dynamic new technologies, but up until recently, there hasn’t been a lot accomplished in the way of creating viable distributed software titles. In fact, the most practical technology created with blockchain is cryptocurrency. This says quite a bit. Today, we’ll take a look at blockchain-enhanced software and how it’s only a matter of time until it is a commonplace addition to most businesses.
What Exactly is Blockchain?
Blockchain is an encrypted and distributed ledger system that creates an individual and uneditable record to provide continuity to any type of transaction. The blockchain is not only stored on every device involved in a transaction, it also provides transparency that isn’t possible with any other type of secure transaction. Let’s take a look at the ways blockchain can improve the systems your business depends on.
As stated above, the blockchain creates a permanent record for each and every transaction. This means that every transaction--whether it is correcting a mistake made, or it is a stand-alone transaction--is documented and encrypted. As a result, applications on a chain will offer a genuine log of transaction nodes. This tech can be used in the following ways:
Banking and Financial Services
Banks and other financial institutions will absolutely benefit from the automated record-keeping nature of the blockchain, ensuring that funds make their way where they are supposed to go.
Voting has come under more scrutiny than ever. Blockchain can present an innovative tool in which to maintain the integrity of any election.
It’s amazing that real estate ownership has the amount of confusion that it does, but by putting blockchain in the center of real estate transactions, the real estate buying and selling process can be much more transparent.
Wills and Inheritances
Wills and inheritances often come under question. This unfortunate situation can be quickly mitigated by transparent blockchain transaction logs.
Supply Chain Management and Logistics
Managing your business’ supply chain and logistics can be aided by blockchain technology. With each transaction now having its own dedicated tracking information, the log can be used to manage the flow of resources and finished products, alike.
More digital communications are sent and received daily than ever before. With everyone’s reliance on this technology, finding the most secure and reliable ways to share data is an absolute priority. The blockchain could be used this way, logging all the relevant information you’d need without disclosing the contents of the blockchain nodes. The technology can also be used to ensure that agreements are fulfilled and that proper compensation is fairly provided. These capabilities could soon be found in:
Like most innovative and emerging technologies, healthcare is at the forefront of developing working options. Blockchain implementation could lead to a situation where individuals could manage his/her own health care records.
Blockchain could be used to log financial information that will assist stock exchanges from potentially building convenience while improving security.
With blockchain, verification is a snap. Eliminating many of the paper files needed will make registration, financial aid, and management more efficient.
Internet of Things
By decentralizing IoT devices, security can be improved exponentially.
Many states are actively launching initiatives to reduce their reliance on paper documents, which would help to minimize fraud and improve security (while also boosting accountability among officials).
If you are interested in finding out more about blockchain, and the types of software currently being developed, reach out to our IT professionals at (717) 827-7400 today.