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From Crypto to Everything: Scaling Blockchain Technology
It is hard to find any emerging technology that has had as much impact over the last decade as blockchain technology. Blockchain is a distributed ledger that allows for the creation, distribution, and status reporting of secure and transparent digital assets. Most notably, it is the technology that underpins cryptocurrencies like Bitcoin, Ethereum and Litecoin. However, the potential and application of blockchain tech have far-reaching implications quite beyond the currency sphere.
Benefits of Blockchain
The benefits of blockchain technology are becoming increasingly clear. Blockchain brings a wide range of use cases which include:
1. Security: Blockchain has proven to provide greater security and transparency.
2. Decentralization: The decentralized nature of blockchain provides a level of transparency and trust that other technologies do not possess.
3. Cost-efficiency: With the elimination of intermediaries that exist in systems requiring trust and another layer of security, blockchain technology drastically lowers costs by automation which saves time and effort.
4. Accountability: Any record saved to the blockchain is immutable and thus any modifications would entail them being re-authenticated by network nodes. Hence this creates an inherently trust-based information system.
Blockchain’s application in Various Sectors
The creation of decentralized and distributed digital assets—that people can exchange, invest in and trade— is just the beginning of Blockchain’s applications. Several implementations beyond currencies-changing the fabric of industries and government— are already in use, and emerging applications include some of the following areas:
Health
Blockchain-powered healthcare ecosystems facilitate entrusting personal data and implementing improved communication and transparency between healthcare stakeholders like healthcare providers, healthcare insurers, doctors and patients, with improved data sharing and protected anonymity. It will help provide breakthrough access to health research pathways.
Supply Chain logistics
A digital blockchain solution emphasizes the credibility of the system administrators managing a product’s lifetime as it goes through throughout production and every distributive aspect. Also, supply chain audits will permit enterprises to identify areas requiring improvement by analyzing the extent/eductions concerning supplier management that exist in their supply chain strategies.
Hospitality
With the involvement of blockchain, travelers can avail a seamless travel experience that is without troublesome airport checks in or check-out processes at hostels, hotels, and many other destinations.
Conclusion – Spreading Beyond Cryptocurrency
It has become distinctly evident blockchain is among technological threads that tie together most of the meaning of business vocabulary by opening entirely new gateways for digital collaboration and disintermediation of existing work patterns. Blockchain technology renders data immutable hence powering data access combined with data intelligence. Blockchain’s immense flexibility bids for major advancements in vertical partitioning of manufacturing chains hence setting the way for enterprises to realize economies of scale.
As it eliminates intermediaries brought about trust, risk and audit issues arise with conventional data models models concealing operating fragmentation at their cores. Yielding to such basic notions as shared objectives, joint decision-making, single source of truth and progressive industry best practice ultimately means that experience is boundless. Blockchain technology is undoubtedly a glue for fast-changing programmatic landscapes, concentrating or distributing thoughts and coding raw ideas, accessible to everyone around-the-clock.
