Blockchain is a chain of blocks where blocks represent digital information, which is linked to other blocks using a cryptographic hash of the previous block. It can also be defined as a decentralized, distributed ledger, peer-to-peer technology with no central authority.
The technology was first known for the arrival of cryptocurrencies like Bitcoin in 2008, and today technology promises to transform entire industries.
With blockchain, organizations can go for a complete decentralized network where there is no requirement for a centralized authority, increasing the transparency of the system. Blockchain provides immutability meaning nobody can change the data over the blockchain. Moreover, technology is highly secure.
As technology is soaring, it is paving the way for blockchain professionals. If you want to be a blockchain developer, favorable chances are on its way.
Before understanding how blockchain can help various sectors, let’s explore the real-world challenges.
Lack of transparency, lack of communication between departments, fast-changing markets, and increased costs throughout the Supply Chain and consumer demands drive the need for improved speed, quality, and service. A well-optimized supply chain can ensure maximum productivity with reduced fraudulent activity and overhead costs.
It is considered as a criminal activity in which an imposter gains personally identifiable information (PII), such as Social Security Number(SSN) or passport numbers, etc. to impersonate someone else.
The present healthcare departments use centralized systems for recording and managing patient data, which are less secure and subject to misinformation. Moreover, the current system does not facilitate the easy exchange of patient records from their primary care provider.
Big media houses are continually fighting legal wars against piracy and the illegal distribution of media. This is also one of the significant issues that music industries are going through. They illegally download musical works and make it available to other consumers in violation of copyright laws.
As we have seen various real-world problems, let’s now talk about blockchain capabilities and explore how blockchain can efficiently solve such issues.
Blockchain can be implemented to many challenges of the Supply Chain industry, such as complicated record-keeping and tracking of products, to produce a less corruptible and better-automated alternative to centralized databases.
The product history, right from its origination to its present time, can be outlined in the blockchain. Also, this type of accurate provenance tracking can be used to encounter fraud in any part of the supply chain. Moreover, the real-time monitoring of a product in a supply chain with the help of blockchain can cut-down the overall cost of moving items in a supply chain.
Blockchain holds the potential to secure sensitive data from malicious activities due to its sophisticated features. Everyone can access your public records with the transparent nature of blockchain, but it offers concrete security as no one can modify your data, ensuring data is kept secure. The technology contains a decentralized ledger holding digital assets secured via cryptographic keys; thus, it becomes challenging for hackers to manipulate the stored data. Blockchain’s reliable validation technique, cryptography, offers protection against data attacks, thereby providing an excellent opportunity for the government and people to prevent identity theft.
Today, blockchain seems to be a viable solution for storing the health and medical history of patients. It can help create a decentralized log of patient data that is transparent and public for all hospitals to access. It also resolves the interhospital communication issues as the agreement can be reached without the involvement of any third party; thus, avoiding a single point of failure. Moreover, the technology enables patients to have complete control over their data. Also, with the help of technology, any unauthorized modifications can be trivially detected.
Blockchain offers a very fulfilling way to prove ownership and to trace the utilization of a copyrighted work online. As piracy is one of the major concerns, with the help of blockchain, the creator/artists can safely put their content on immutable ledgers. This will help them to understand once a copyright infringement occurs, and thus, take legal proceedings. It offers transparent real-time tracking, thus records every time the content gets accessed. Furthermore, the technology aims to facilitate the payment of the right artists through cryptocurrencies.
Due to its potential, many industries are adopting blockchain to pave the way for the future. Here we have mentioned a few real-world problems that it can solve, but there are other domains as well where the technology is playing a vital role. Blockchain can solve the issues related to government and public sectors, real-estates, cross-border payments, automation, and manufacturing along with others.
The field of blockchain is booming and is going to remain a quickly-growing area of growth for companies across the globe. If you want to take your career to the next level, blockchain certifications can help you achieve the success you are looking for.
To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.