By Blockchain technology first emerged in 2009 when Bitcoin was created. This technology form allows the exchange of digital information without any external users or intermediaries. All economic transactions are recorded by a digital ledger (or blockchain).
And while these records are not controlled by a single entity. They are easily accessible and verified by all users. Using decentralization reduces the risk of corruption and hacking, making transactions with blockchain safer.
And while these records are not controlled by a single entity, all users can easily access and verify them. Using decentralization reduces the risk of corruption and hacking, making blockchain transactions safer.
Enhanced Cybersecurity
Given that blockchain was developed to provide safer transactions, it’s no surprise that it is the leading technology driving security today. Blockchain applications make clients less hesitant about having their personal information stored. This is because they are the only ones who can change their data. Believe me, no one wants to have his or her personal data stolen.
To improve user authentication and limit access to key control systems, blockchain applications have been developed. Based on blockchain technology, cybersecurity helps reduce the occurrence of security breaches similar to what happened at Equifax — one of the three national credit reporting agencies. By keeping data decentralized, no single location holds all the confidential records of an organization.
Decentralized data is particularly important if an organization is the target of distributed denial of service (DDoS) attacks. DDoS attacks occur when hackers increase the traffic to a website until it can no longer keep up with requests and crashes. These attacks are hard to prevent because the Domain Name System (DNS) is only partially decentralized. Blockchain technology can facilitate the complete decentralization of the DNS so data is less likely to be stolen, corrupted, or deleted.
Streamlined Financial Operations
Blockchain has a profound impact on global finance as well. While cross-border payments with the current banking infrastructure are complex, using a shared digital ledger to record and verify transactions simplifies the entire process. Added benefits include faster processing speeds (sending money in seconds rather than days to a foreign country) and significantly lower transaction fees. Who doesn’t want a lower price to get better service? I know that I’m do.
Blockchain is an effective tool for verifying and managing identities. Money laundering and other criminal financial activities are reduced by the technology. As financial institutions develop more secure digital relationships, transactions may be executed and settled without the need for corresponding banks. In fact, blockchain technology may even replace traditional banks in the near future.
Improved Advertising and Marketing
Blockchain technology is useful as it boosts credibility in marketing and public relations. For example, it helps PR firms determine whether human beings or bots are the clicks and mentions they receive on social media. Companies that receive genuine human engagement are better positioned to improve customer loyalty and provide improved products and services. Companies that do not use blockchain technology in their marketing efforts may have statistics that are less valid.
Blockchain technology allows PR firms to confirm the originality of their press releases, media advisories, and social media posts. It also helps companies to publish coherent content across all their social media platforms. Having a digital ledger with unreleased content may also improve content management. This is because companies can track all changes made to their records as well as the people who make them.
Increased Funding for Blockchain Startups
An initial coin offering (ICO) is a new way to raise funds for blockchain projects. A business conducting an ICO campaign usually writes a white paper that explains the structure of the technology, outlines how it will be developed, states how tokens (cryptocurrency sold to investors) will be implemented, and highlights its key proposition. Depending on the business’ preference, investors may buy tokens using fiat money, Bitcoin, or Ether. The funds raised are used for the development of the project.
The emergence of ICOs has made it easier to obtain the necessary funding for a number of crypto startups. It also plays into the current interest investors have in blockchain technology’s next big thing. In fact, the rapid increase in ICOs in 2017 was enough to surpass venture capital funding for blockchain startups that year.
After receiving millions in funding, a number of ICOs packed up shop and simply disappeared overnight. In Q4 of 2018, the United States Securities and Exchange Commission (SEC) began to crackdown on a number of ICOs to protect investors from fraud. The SEC has also begun to provide new guidelines for blockchain startups. So expect less ICOs and more STOs (security coin offerings) next year.
Better Healthcare
In recent times, there has been much controversy over the state of the U.S. healthcare system. Can blockchain provide solutions? You bet it can.
Once these records are created and signed, they can be written to the blockchain to ensure that they are not manipulated. Blockchain startup dHealthNetwork has already made major steps in this field. The authenticity of medical records is pivotal in caring for patients and upholding justice in legal cases that involve health care services
Blockchain can facilitate the process of consent management. The medical procedures a patient has consented to can be put on the blockchain where it can be accessed by anyone with the necessary permissions. The blockchain can also be used to track and reward patients who keep their appointments, stay healthy, and contribute their data to further clinical research.
