Blockchain is not a new technology, but the growing interest in it is definitely a trend on the rise. It remained obscured by other technologies for very long before it caught the attention of the public. All thanks to the hard-to-believe spike of the Bitcoin, Ethereum and Lightcoin cryptocurrency values. Some of these exceed a couple of thousand dollars on the market.
All of a sudden, there were so many questions. How is this possible? What is the technology that made cryptocurrencies possible and viable? Regardless of the confusion surrounding the blockchain, I’m going to try and bring it closer to you, including some very interesting applications of this technology in the real world.
So, what is Blockchain?
Some experts refer to Blockchain as an undeniably ingenious invention. The creator of the Blockchain is Satoshi Nakamoto and, simply put, it is a technology that allows digital information to be distributed without copying it. It can be used for economic transactions, but its application extends to farm more than that. It can be used to record and distribute anything of value.
This is achieved through a database containing information that is shared and continually reconciled. Every record kept through the Blockchain is not stored in a single location. Instead, it is spread all over the internet and hosted by dozens of computers thus being truly public, accessible and incorruptible.
It can be applied in so many ways and in various industries.
It Will Shape the Security Industry
Blockchain technology can be used to bring improvements to the security industry. It is able to sustain and protect cryptocurrencies, so why not apply it to security solutions in order to make them impenetrable?
The blockchain algorithm can be applied in numerous fields. Besides, making financial transactions safe and protected from hackers, it can be used to control network traffic and communication. Since there are specific security concerns rising with the popularity of the Internet of Things, Blockchain can be used to control the communication of interconnected devices on any network.
Since any system powered by the Blockchain technology is, in its nature, decentralized, these systems can solve security issues with the software and hardware supply-chain. On top of that, this technology offers transparency, which is incredibly important when it comes to security.
Decentralized Cloud Storage
There are many people who don’t like to have full control of their online assets. And if you place anything on the cloud storage, which is centralized, you are basically placing this control into the hands of a cloud storage service provider.
Well, you can rest assured that we are entering the era of cloud storage on the blockchain. All of your data is spread all across the globe, kept safe and encrypted, while you remain in full control over it. The pieces are already moving on the board as Sia Tech has developed the first cloud storage on the block chain.
Enhanced Security of Digital Identity
Blockchain technology has the power to render anyone’s digital security impenetrable. There are other technologies with similar capabilities, but the Blockchain is the only one that makes managing and tracking of digital identities secure, incredibly fast and efficient.
It can be used to power any online identity authentication and authorization process. This can be applied in the banking, healthcare, citizenship documentation and other areas. Blockchain doesn’t use a password to verify your authenticity. Instead, it relies on digital signatures that are based on public key cryptography. Since you are the only one with the correct private key, your identity stays protected at all times.
It Will Change How People Vote
Imagine if you could check if your vote was successfully sent to whomever you voted for? Blockchain is a technology that made this possible. What’s more important, the voter remains anonymous while performing these checks.
Blockchain technology was already used for this purpose back in 2014 in Denmark. This technology will make voting easy, transparent and completely anonymous, while making it completely secure and the results trustworthy.
Blockchain is definitely one of those revolutionary technologies, and it will shape our future while making us feel more safe and secure. I’m more than certain that this technology will be applied in more areas and industries as time passes.