What is “Blockchain” Anyway?
Blockchain is defined as a distributed ledger system that creates a single encrypted and unalterable file whenever any transaction is made to help preserve its continuity. As every device involved in the blockchain helps to store it, the blockchain itself is unprecedentedly transparent. This allows business systems to be both more accountable, and secure.
Accountability
Let’s return for a moment to how the blockchain works—each time a transaction of any kind is made, be it adding new data or revising some that already existed, a new “node” (think of it as another link in the chain) is created to document the transaction and encrypt it. As a result, you wind up with a running record of reliable data. As you might imagine, this offers itself quite well to many industries.
Banking and Financial Services
With the importance of the record-keeping that these organizations maintain being so apparent, it only makes sense that blockchain is used to automatically keep track of where funds are being moved.
Real Estate
Real estate processes are notoriously intricate and confusing. Blockchain provides an option that could make the entire experience of buying and selling real estate much more transparent.
Wills and Inheritances
Tragically, wills and inheritances can be very hotly contested, and their veracity may be called into question. The transparent and immutable logs of the blockchain could eventually lead to many fights being averted in the future.
Voting
Elections now face more scrutiny than ever before, as votes are counted, recounted, contested, and recounted again. Using the blockchain could help to eliminate most challenges and issues that call the integrity of an election into question.
Supply Chain Management and Logistics
Managing all the moving pieces of a supply chain could be made much simpler by integrating blockchain technology. Goods and resources could be easily tracked and directed where they need to go, with confirmation when they arrive at their destination.
Security
Communications have gone digital, with unprecedented numbers sent and received each day. As more people than ever rely on these communications for a variety of reasons, data sharing needs to be more reliably secure. The blockchain is well suited for this task, as each transfer of data remains fully transparent, while the data contained in the nodes remains undisclosed. This technology can even be safely used to hold parties to their shared agreements by facilitating proper compensation once certain requirements are met. These capabilities will likely lead to advancements in:
Education
Consider how many files any educational institution needs to maintain and verify, and the amount of personal information shared in these records. Blockchain makes it so that these paper files are no longer necessary, while also making it easier to verify registration, management, and financial aid-related data.
Healthcare
Any patient who needs to see multiple physicians knows the frustration of working with providers who operate in different healthcare networks. However, healthcare has a good track record with embracing innovative technology solutions. Introducing blockchain could ultimately lead to self-managed healthcare records.
Stock Trading
There are many ways that stock exchange processes could be made better with the assistance of blockchain technologies. Two clear improvements: convenience, and of course security.
Public Records
Many states are still overly reliant on paper documents, which are very easy to alter and otherwise manipulate (never mind steal). Shifting to digital documents that are supported by blockchain could do a lot to reduce fraud, ensure accountability, and generally improve security.
The Internet of Things
IoT devices are overwhelmingly insecure, but if they were decentralized through the blockchain, some of this insecurity could be resolved.
To learn more about blockchain technology, feel free to call Coleman Technologies to discuss it, as well as the options you currently have to leverage for your business. Reach out at (604) 513-9428 today!
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