Blockchain technology emerged as a series of blocks that can secure data digitally and prevent anyone from interfering with it, which was never possible before. Not only this new technology has been enhancing all the traditional processes to provide better service to people across different industries. Moreover, due to its excellent potential and possibly bright future, individuals are showing interest in grabbing blockchain professional roles as their careers.
As per some of the leading blockchain-based business space, this new technology can effectively address some of the major and complex global issues.
So in this post, we will explore some of the major issues that blockchain technology can solve efficiently:
Table of contents
- List of the issues that blockchain can solve
- Data Retention
- Data Protection
- Supply chains
- Closing Thoughts
List of the issues that blockchain can solve
Due to the advancement of platforms like Facebook and technologies like machine learning, artificial intelligence, the quantity of data is continuously increasing.
However, due to the presence of massive amounts of data, the existing data centers are finding it hard to manage them all together.
But blockchain, with its distributed ledger technology and decentralization, can effectively address the problem of data storage.
Within a blockchain network, data storage takes place in the form of mini chunks that are given unique encryption before the network adds them to the ledger.
Further, even if one portion of the network is not working, this stored data will be accessible in its entirety.
Moreover, experts agree that this type of system for data storage is going to be much better than cloud storage.
By storing data on the blockchain, data security will see a huge improvement.
This is because, at present, cloud data takes place over a centralized storage system which makes it vulnerable to attacks and security breaches.
Furthermore, blockchain technology can effectively enhance the speed and security of cloud storage. Also, the system shares data with the other node networks. Hence blockchain makes it possible for users to not depend on any central authority to process their data. Also, data records over the blockchain network are quite challenging for attackers to steal or interfere with. However, if you want to understand the data security algorithm of blockchain, then you can opt for any good blockchain certification course available.
At present most of the payment systems depend on third-party financial institutions for almost every sector. Here payments through blockchain can boost the efficiency of transactions for businesses. In addition to this, blockchain provides an affordable option to secure and fast payments.
Furthermore, the infrastructure of blockchain in payment systems enables users to check the real-time audit of every transaction over the network. This way, no one can tamper with the data of any transaction. Hence due to its functionality, it can 100% increase the productivity of compliance-heavy industries. Apart from this, businesses will be able to build unbreachable financial transaction rules and restrictions.
In the majority of business-related processing, blockchain tends to eradicate the requirement of mediators. Blockchain makes it possible with the help of specific digital keysets, which allows senders to transfer transactions directly to the recipient’s wallet.
However, to perform direct transactions over a blockchain network, one needs to know about the public address of their recipient’s digital wallet.
Further, this type of transaction is better in comparison to conventional Bank transfers since these are safer, faster, and irrevocable.
In addition to this, transaction fees of blockchain networks are much more affordable than the traditional bank transaction fee.
However, in case a business requires a mediator, blockchain can help them in reducing the risk of fraud and ensuring transaction security.
One of the major use cases of blockchain technology is in the space of supply chain management. It is so because blockchain can resolve the issues that supply chain faces regarding asset registration, tracking, connecting, and distribution.
Apart from this, blockchain can provide enhanced safety and transparency in all processes of the supply chain industry.
Blockchain can document a complete journey of a product hence maintaining transparency at each stage of the product’s life cycle.
Using the blockchain, the industry can revolutionize the current trading system. Hence supply chains can experience a boost in trading volumes which will directly impact the global economy. Further, there will be a reduction in illegal activities within the supply chain industry on a global spectrum. Once you take a blockchain degree, you will learn the applications of blockchain technology in real-world industries.
By introducing blockchain-based voting systems, the government can secure The Identity of voters with the help of transparent crypto algorithms.
Each vote will have a unique and complex mathematical encryption and storage facility over the blockchain network in the system. Hence it will become impossible for any parties to change the actual voting counts.
Also, blockchain will permit only such citizens who have legal approval to vote to perform their civic responsibility. With this technology, the chances of voting manipulation will become almost zero.
Blockchain technology is making financial procedures accessible to the global population. Moreover, it is attempting to make these procedures highly secured and transparent for the public. Currently, blockchain is empowering crowdfunding platforms that are secure, independent, and boundaryless. Due to this, crowdfunding platforms are becoming more democratic and accessible to anyone in the world to use.
Blockchain technology seems quite promising due to its applications across various sectors. And when it comes to the future of blockchain technology multiple developments are already in the line.
Although there are some populations that speculate blockchain’s potential and believe that it can not enhance certain industries’ efficiency, many experts state that blockchain is the future.
However, only time will tell what the future holds for blockchain in reality.
Do you want to learn more about blockchain technology? Then join up the BLOCKCHAIN COUNCIL and enroll in various blockchain-relevant certifications and courses.