Blockchain is not just a technology; it is a revolution in itself.
Just the way email sabotaged the postal service system, blockchain is going to supersede the concept of centralized controlling.
Security concerns gave rise to controlling authorities for the sake of avoiding unauthorized access, but instead of solving the problem, it has flourished massively. With more and more hackers gaining expertise in decoding and hacking your complete system, your data is no more personal, and if not, come with a risk of getting publicised.
What if, there was a technology in which, no matter how much data you had, confidential or not, never had the risk of getting publicised? Because the data is already out there.
Bewildering, right? How can this be a solution to all the privacy concerns?
Well, it is actually. And the reason behind this is the data stored in blockchain portal is only for the eyes to see. One can see the information, screenshot it but nothing more than that. Accessing the data is equivalent to simply gawking at it with open eyes, and that’s it! You cannot do anything more than that. It cannot be modified, copied, pasted, deleted, and reframed in the wildest of one’s dreams. So, having the data or not having is the same thing.
What is Blockchain?
With the large-scale businesses going rampant over adopting blockchain as their mainstream technology, one wonders what blockchain is and how it can be profitable for the business.
It is not a complicated terminology with a definition so intense that you have to read and re-read it to make some sense out of it. It is simply a database.
But, unlike some other database which includes spreadsheets or MySQL queries to access it, the blockchain was developed on two cornerstones:
In database management system, there are specific tiers in the basic architecture which define the control of an individual over the data or the system. The user, who can only view and enter the data, the programmer who can only define the database format but has no access to the data, and the administrator who access the data and the database. This system gives complete power in the hands of the admin.
If by any chance, the administrator’s powers fall in wrong hands, imagine the catastrophe it can create. For these reasons, the ingenious minds behind the blockchain concept came up with a revolutionary concept of decentralization.
The database in this concept is not only accessed by simply one person but by millions of people at once. This transfer of control makes the data robust from the hacker attacks. Since hackers depend entirely on a single node where the information exists, the absence of one defeats the hacker altogether. Thus, in Blockchain technology, everyone has the authority to access and enter the data, and everyone has the updated and latest copy of the data. Also, due to asymmetric encryption technique, where private and public key is involved, the data spoofing or any other malicious intention cannot be implemented in reality.
The reason why people have concerns regarding the security is that they fear if their confidential and private data might get modified or stolen. But if any data is already out there in public for everyone to see, what is there to fear then? Blockchain technology has the feature where the user once entering the data cannot edit, modify, delete, copy, erase, paste, and replace any segment of data. Nobody can do that and the entered data simply becomes accessible to everyone in form of a history.
Why should a business use Blockchain?
Blockchain which was initially developed to support the bitcoin currency had spread its wings to various other fields, and now it is not restricted to bitcoin wallets or cryptocurrency. For those who think Bitcoin and Blockchain are synonymous, here is the quote to remove your confusion:
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”
Now just saying won’t make much difference, we will quote you some fields where blockchain is used and also successful implementations of blockchain technology, which will make this worth your requirements.
Blockchain Wallet: With the advent of digital money, that day is not far when the only form of currency will be digital. We are not talking about credit cards or net-banking but non-tangible digital currency, such as Bitcoin and Ethereum.
The best part about using blockchain technology is that it removes the interference and the unwanted cost incurred due to the middlemen.
It connects two people directly without any intermediate between them and is favorable when cost-cutting is heavily preferred.
Voting System: One of the important fields of governance which is extremely vulnerable to forging and manipulation. Making use of blockchain process will directly connect the voter with the voting process where tracking, auditing, and verification can be done within seconds. With this, no middlemen are tampering with the data or forging the votes, thereby ensuring fair elections.
Online Shopping: These days, to buy something, one has to rely on the sources (e-commerce websites) to get hold of their product and so do the vendors who depend on these sources to provide the platform for selling of their goods. Using blockchain , the buyer is directly connected with the vendor eliminating the third-party involvement. Thus no transit or convenience fee or other such unnecessary costs are incurred by the customer. A real scenario of this is OpenBazaar, which created a person-to-person eBay. One can directly connect to the vendor and avoid paying the transaction fees.
Other Fields - Know Your Customer, Anti-Money Laundering, and Identity Management are some potential fields where blockchain can be adapted like wildfire. Some firms have in fact already braved up and launched beta versions of such ideas as beta phase apps and have been successful in gaining a thunderous response.
In conclusion, those businesses that will hold back in implementing blockchain will have to come up with something more revolutionary in order to survive the skyrocketing demands and never-ending needs of the market.Blockchain is not just a technology; it is a revolution in itself.