What actually is Blockchain? Basically, it is a way of storing and sharing information across a network of users in an open virtual space. Let’s understand with an example of Food Industry i.e., the food retailer would know with whom his suppliers have had dealings in the past. And this makes it very difficult to hack as all the transactions are not stored in any single location in particular.
According to many Experts, this is a new beginning for the Blockchain Technology as it has started to show immense potential in other sectors. It works only if the data at the source is accurate as the current practices in the various industries are much more open to human error. The concept of Blockchain operates anonymously so that we can trace back the individual culprits from their mistakes. Also, the feature of allowing specific products to be traced makes adds another plus point to the list.
The technology behind Blockchain is way more valuable on a Global level in comparison to any market capitalization of Cryptocurrencies. Blockchain was developed as a means of addressing the vulnerability of the stored data on the exchange of credits. Let’s take a look at the below-mentioned points that make it clear that why Blockchain Technology is here to stay:
There’s no denying that Blockchain greatly improves the transparency in Data Analytics. Unlike the previous algorithms, the blockchain is able to reject any input that it can’t verify or is deemed as suspicious. The Blockchain is not stopping at analytics the next in line is forecasting with entirely accurate transaction records to support the data analytics. Whereas, the forecasting technologies can adapt to lesser error-prone areas like Machine Learning. This can enable us to develop more accurate insights based on the blockchain data.
Retailers always look for efficient as well as effective ways that can help in engaging more customers. Over the years, to bridge the gap between the demand and supply, various technologies have been used. One method is combining the blockchain technology with the IoT i.e. Internet of Things technology to develop real-time customer intelligence.
With all the possibilities of the Blockchain, the questions regarding the privacy of the individual also rise. Blockchain, Bitcoins, Cryptocurrencies are some of the terms that are doing rounds since the year has started. The cybersecurity applications of the blockchain include a large-scale authentication of the data. The blockchain is distributed database system that acts as an ‘Open Ledger’ to store and manage the transactions. This indicates a great possibility that this technology can reduce the cybersecurity risks and minimize the threat of hacking and corruption of valuable data.
The Blockchain is becoming the Game-changer as it is revolutionizing the workplace for professionals. Right now, we can see that companies are creating apps that work on the blockchain technology. Like in healthcare industry blockchain provides patients more control their sensitive medical information. Or blockchain’s ability to lessen the data corruption and misuse of it. Some of the Blockchain Applications are Smart Property, Smart Contracts, IoT applications that are Smart Appliances, Supply Chain Sensors and many more.
The aspects of blockchain are unfolding step by step together with its advantages and disadvantages. There’s no denying that Blockchain is on its way to becoming one of the most powerful technology. It’s possible for Blockchain to become a key enabler of Data Monetization by creating a new marketplace where the individuals and companies can sell or share their data directly with each other in a secure way.