Blockchain technology is answer to the question that, we have been asking since the dawn of the internet age – “How can you trust everything that is happening online?”
Blockchain technology has popularly become buzz not only in financial industry but also across other verticals ever since Satoshi Nakamoto published his invention in 2009.
What problem Blockchain can solve?
Today, World Wide Web is no longer the place of content but a revolutionized place for interaction. We shop online, share or exchange information back and forth and much more; but is everything that we do is secured and error-free? Databases merely cannot chat with each other; it needs fault-prone human administration or central authority to run every node.
On the other hand Blockchain technology is a decentralized database, shared by multiple users without any third-party. Blockchain records everything that happens on the internet – every digital transaction, exchange of goods & service, private data etc. Data is encrypted into blocks that never get modified and gets scatter into pieces across a worldwide network of distributed nodes.
And due to this:-
Let’s see more how Blockchain is used in different verticals:-
IoT is integrated with sensors in the objects like vehicles, embedded electronics and many more to communicate with the outside world, typically over an IP protocol. IoT when combined with Blockchain technology will help to track the history of every devices; it records a ledger of data between the devices, web services and human users. The connected vehicles enables the car or truck to behave as a super-giant smart app and with Blockchain, it will enable this device to be tracked on the digital ledger, providing inter vehicle communication, automatic tracking of fleet’s insurance policies, vehicle registration renewals etc.
Example: IBM and Samsung have teamed up for the concept of Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT), which uses Blockchain for secure transactions. ADEPT would act as a public ledger, which eliminates the need of central hub, operated at a low-cost and communicate autonomously to update bugs.
What if technology allowed for more secure and streamlined voting process during election?
As per today’s voting scenario, when a voter submits a vote, it is passed through publicly accessible vote forwarding server to the vote storage server where the data is encrypted and stored online until the voting period is over. Then the vote that carries all identifying information is cleaned and transferred to the vote counting server which is disconnected from all networks. At every stage process is logged and audited.
But, what if malware is present on the client-side machine? It can monitor the vote placed by user and later change votes with different candidate. Blockchain technology can be used for tracking and counting votes so that the question of voter-fraud, lost records or fowl-play never arises. Moreover, it can also verify that no votes get changed or removed, and no illegitimate vote gets added.
Example: In 2014, Liberal Alliance, a political party in Denmark, became the first organization to use Blockchain technology for secured and verifiable electronic voting in order to safeguard electoral integrity and encourage public’s trust in their use.
Digital identity is very crucial in digital world for many businesses as it provides the ways to interact with billion of users in digital world.
How many login IDs and password do you have? Corresponding to the number of ID, your identities are fragmented and duplicated across the digital world, making them difficult to link together and the risk of being stolen, faked, lost or altered occurs no matter how much secured they are. With Blockchain technology, it empowers the consumers to control their own identity and shared between trusted entities with their consent. Blockchain ID is a single ID that can replace all other IDs enabling to be same you everywhere and anywhere. It can track and manage digital identities in secured and efficient way, resulting into seamless sign-in and reduced fraud. With this, you can receive better service as all your information is integrated and consistent everywhere.
Example: IBM was the first company to study and test the Blockchain technology to solve identity related issues. They are working on to create new digital identity and attribute sharing network to make it easier for users to verify their data in a privacy-enhanced, secure and efficient way.
Cloud Storage enables the users to access the files from any location via internet and are centralized which means you are giving control of your digital assets.
But, with Blockchain, it enables decentralized cloud storage which offers the facilities of safe, fast and cost-effective cloud storage. Your data (what happened, who accessed, how it processed) can be verified by anyone who has the access to the Blockchain. It has the time-stamped facility which freezes the computing platform time and cloud users can verify that the platform is in the correct state in real-time. Such a system helps in giving complete traceability, accountability, and transparency for the cloud storage.
Example: Storj Labs uses Blockchain technology to create a decentralized cloud system using open source software to provide the security, privacy, and transparency.
Most of the products that we purchase are not made from a single resource but a chain of suppliers are involved in that product. Supply chain industry is a complex process (varying with the size of business and numbers of items are manufactured) and depends on the multiple suppliers to deliver different elements. This may result into lack of accountability, transparency, lack of monitoring between supply chains. If any component fails in between the process, it results in affecting the final product.
By using Blockchain technology, it holds the record of digital transaction in such a way that it makes them accessible and visible to multiple suppliers in the network while keeping them safe and secure. The digitally shared ledger is updated and authenticated with every transaction, resulting in a secure and permanently record exchange. The result is faster, reliable and auditable for B2B interactions between resources like buyers, sellers and logistics providers.
Example: IBM announced that it is collaborating with key food producers and distributors Nestle and Walmart to reduce contamination in the global food supply chain. They intend to use Blockchain technology to create a “trusted environment for transactions”.
Blockchain technology can allow hospitals, pharmacies and other entities in a chain to share access with their networks without compromising in data security and integrity. Prescriptions can be written electronically and every doctor in the network can see everything about medications and act accordingly. Every health care provider will have an immediate view of patient’s current medication ensuring accuracy and loyalty.
Example: SimplyVital Health is using Blockchain technology to give healthcare industry a facelift. The company is using the Blockchain based data storage and analytics platform with the goal to streamline the medical data sharing and storage.
The Bottom line:
Blockchain technology is here to stay; creating a connected world by driving more and more values and transforming the way how our society functions. While the above applications do sound promising, a business would need to a software development company to convert their ideas into reality.
So, any thoughts whirling in your mind? Connect with us today!