The concept of Blockchain technology was proposed long before Bitcoin was introduced to the world. However, to most people blockchain technology is synonymous with Bitcoin and cryptocurrencies as a whole. Blockchain technology has the potential to be put to many more uses in a variety of industries. There is a revolution going on around Blockchain technology as diverse industries and even governments adopt it for various purposes.
Blockchain technology has the potential to exceedingly simplify many things that are often plagued by inefficiency.
The world is in political turmoil. Right-wing nationalists are taking power across the U.S., Europe, and even Asia. It has been partly blamed on people’s reluctance to go out and vote. Several experts have recommended enabling digital voting in a bid to get more people to participate, but this is not viable considering hackers are getting smarter and bolder by the day. Blockchain technology, however, is capable of making digital voting not only plausible but also efficient, secure, and reliable thanks to several of its features.
First, Blockchain technology is capable of offering the anonymity that is necessary for voting; this would make voters feel confident knowing that their choice of candidate is private. Second. Blockchain technology is transparent, which means that votes can be scrutinized and counted easily without the confusion of disagreements. Finally, blockchain technology is so secure that even the most talented hacker would need vast technological and human resources to manipulate the data.
Using Blockchain for voting purposes would get more people (especially the young and elderly) involved in their countries’ political affairs. Consequently, it would bolster democracy and ensure that leaders who take power are indeed desired by the majority of people.
Internet of Things and networking
Internet of Things (IoT) is an ambitious concept that would simplify many things in life. However, it is still in its genesis stages, and there are a lot of obstacles to overcome. The emergence of Blockchain technology has now provided a range of solutions to most of these obstacles and expedited the rate at which IoT technology will advance.
The main obstacle to adopting IoT is security. The original plan was to connect differently with each other using a central point such as a server. It, however, would make all devices vulnerable as a hacker would only need to hack the central location. This is one of the reasons why most people are not comfortable adopting IoT systems at home as they fear for their privacy.
Blockchain technology overcomes the problem of security using its decentralized approach. It would function as a public ledger for many devices. Interconnectivity would be enabled using proof-of-work and proof-of-stake protocols. What’s more, eliminating a single, central point of connection would not only bolster security but also cut costs and make IoT more efficient than previously envisioned.
IBM and Samsung, two of the biggest names in the tech industry, are already harnessing the benefits of blockchain technology for IoT purposes. Both companies have partnered to work on a project known as ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry). This ambitious project is built entirely on blockchain technology.
Information is vital in today’s competitive business landscape. It is why cases of hacking are on the rise as hackers know that data is valuable. For instance, big companies such as Equifax and Yahoo, which work with tons of users’ private data, have been hacked severally in the recent past in spite of utilizing the best cybersecurity technology available.
Blockchain technology promises to put an end to the ever-growing data breaches thanks to its robust security systems. It would be done using two approaches. First, blockchain records are immutable, meaning that they cannot be changed – for instance, the blockchain hosting Bitcoin has never been hacked or breached since it was set up about a decade ago. Additionally, blockchain technology can support anonymity and encrypt data so that it is useless to any unauthorized person who can manage to infiltrate the platform.
Blockchain technology is capable of storing tons of data without the complications associated with physical and cloud storage. It is also cheaper compared to most other data storage options.
Numbers do not lie. However, those tasked with analyzing and verifying numbers can easily make mistakes. It is why accounting demands the best minds and technology.
Blockchain technology has excellent potential in the field of accounting. For starters, blockchain technology keeps records of all transactions as they happen. These records are transparent, meaning that auditors can examine every transaction much more easily. Second, all documents stored on any given blockchain platform are immutable. As such, auditors can be confident of their records’ accuracy. It also means that cases of embezzlement and inefficiency would be minimized or stopped altogether.
Blockchain technology is simple to adopt when it comes to accounting, but it would require overall integration with the business or organization to ensure that all transactions in all departments are recorded. Interestingly, major banks including Goldman Sachs are already adopting blockchain technology for various uses, including accounting.
Nowadays it seems that everything is going digital. Diverse, vital industries including healthcare, banking, and many more are rolling out the digital platform and requiring their clients to authenticate and authorize their identities digitally. It is convenient in many ways, but it has also fueled the run-away cases of identity theft – identity theft has become so prevalent today that it is estimated to cost industries and governments about USD 18 billion every year.
Current digital identity verification systems rely on passwords and other protocols to verify users’ identities. Blockchain technology, on the other hand, would utilize smart contracts and digital signatures to verify users’ identities in a manner that is irrefutable. It would make it virtually impossible for anyone to assume another person’s identity without the vital private key, and even if this happened then, mitigation would be quicker and more effective compared to the current systems. It would not only save businesses and governments a lot of money but also afford everyone with an online identity peace of mind and bolster online transactions.