Blockchain is perhaps one of the most important recent developments in the online world. The technology allows for a decentralized system of record-keeping by grouping data into clusters and linking them with cryptographic principles. Because there is no central authority to govern blockchain, it is the picture of a fully transparent and democratized system. Initially developed for cryptocurrency, blockchain has the potential to change nearly every industry in society, including IT. While the opportunities may be endless, here are three ways that blockchain has already started to transform online industries and transactions.
In our current centralized system, a business’s data is usually stored in one central location with the help of hardware like routers, switches, and hard drives. However, keeping important data grouped together is very attractive to a hacker. Instead of having to find hidden points of entry or gathering data from multiple sources, a hacker has the ability to retrieve a massive amount of information in one hit. The use of blockchain cloud storage now allows users to safely store data without the use of a traditional centralized system. This encrypted solution is already becoming the basis for many cloud-based storage companies that offer users the opportunity to store data and then grant or revoke access permission. This new industry is all made possible because of blockchain technology and the need to safely store and protect important data.
If you need to send money to someone who lives across the world, a wire transfer is usually the preferred method. However, wire transfers often come with high fees and complex systems. Using blockchain, users can now perform transactions in an instant using cryptocurrency for low or non-existent fees. In addition to the ease of cryptocurrency, blockchain is completely transparent in its record-keeping. The accountability aspect of blockchain enables users to perform safer transactions with enhanced cybersecurity measures. The move from financial institutions is a step towards giving online users more control over their financial transactions.
Companies across all industries have started taking advantage of blockchain technology. Recently, Nestle entered into a partnership with an Australian-based startup to use blockchain to track dairy products in massive supply-chain operations. The use of this technology allows companies like Nestle to give products unique identifiers and track them from the farm to the grocery store. In the case of a contamination or recall, the unique identifiers can then be expertly traced back to the original source. The applications for this technology span well beyond the food industry and can be used to filter out cybercrime, keep track of patient records, or even prevent music piracy.
The Future of IT
It’s safe to say that blockchain is poised to cause a massive wave in a number of industries. Specialists in IT are constantly updating their methods and enhancing security solutions to keep you and your business’ technologically up to date. Whether you’re looking to enhance your current security system or wanting to move your data to the cloud, the experts at Integracon are here to help. Visit our site today or give us a call to see what IT solutions could be right for you.