What makes Block chain technology the most booming technology of future?

WHAT IS BLOCK CHAIN MANAGEMENT?

Blockchain was developed in 1991 as a technique to store and secure digital data. Blockchain is a digital database that multiple parties can access at the same time. One of its primary advantages is that the recorded information is difficult to change without the agreement of all parties involved. According to IBM, each new record becomes a block with a unique, identifying hash. A blockchain is created by connecting the blocks into a chain of records. Blockchain technology is used by the Bitcoin cryptocurrency.

Blockchain facilitates the verification and traceability of multistep transactions that require verification and traceability. It can ensure secure transactions, lower compliance costs, and accelerate data transfer processing. Blockchain technology can aid in contract management and product auditing. It can also be used to manage titles and deeds, as well as voting platforms.

WHAT IS THE SCOPE OF BLOCK CHAIN MANAGEMENT?

In the banking industry, blockchain technology has been used brilliantly. Financial institutions were unable to handle the increased demand that resulted from demonetization, emphasising the need for a centralised specialist to handle financial transactions.

WHAT ARE THE INDUSTRIES THAT WILL BE DISRUPTED BY BLOCKCHAIN?

Several industries, including Unilever, Walmart, and Visa, have benefited from block chain technology, in terms of transparency, security, and traceability. Given the benefits it provides, blockchain will revolutionise and redefine many industries. Here are the top five industries that will be significantly impacted by blockchain technology in the near future:

  1. Banking
  2. Cyber Security
  3. Supply Chain Management
  4. Healthcare
  5. Government
  6. BANKING

Before Blockchain Banking, people had to pay transfer fees, which were both expensive and time-consuming. Furthermore, due to the exchange rate and other hidden costs, sending money overseas becomes even more difficult.

After Blockchain, there is no longer a need for a middleman. Blockchain is upending the banking system by offering a peer-to-peer payment system with the highest level of security and the lowest fees. Blockchain technology enables instant and borderless payments all over the world. Cryptocurrencies (such as Ethereum and bitcoin) eliminate the need for a third party to complete transactions. Blockchain stores all transactions in a public ledger that bitcoin users can access from anywhere in the world.

Consider the following ABRA example

  • ABRA is a financial cryptocurrency application that facilitates peer-to-peer money transfers.
  • Cryptocurrency users can use this app to save, send, and receive digital money on their electronic devices.
  1. CYBER SECURITY

Prior to Blockchain – Previously, cyberattacks posed a significant risk to the public. Several organisations were working on an effective solution to protect data from unauthorised access and tampering. Due to peer-to-peer connections that cannot be tampered with, Blockchain quickly identifies malicious attacks. A cryptographic algorithm is used to verify and encrypt all data stored on the blockchain network. Blockchain, by eliminating the centralised system, provides a transparent and secure method of recording transactions (without disclosing your private information to anyone) Guard time, for example, is a software security company that provides blockchain-based products and services. Instead of relying on a centralised system, the company employs blockchain technology and distributes data to its nodes.

  1. CHAIN SUPPLY MANAGEMENT

Prior to Blockchain – Due to a lack of transparency, supply chain management frequently faced challenges such as service redundancy, a lack of coordination among various departments, and a lack of dependability.

Following Blockchain – Blockchain technology allows for product tracking by facilitating traceability across the entire supply chain.

Blockchain allows multiple supply chain partners involved in the supply chain management system to verify and audit transactions. In a decentralised distributed ledger, blockchain records a product’s transaction (history, timestamp, date, and so on). Each transaction is saved in a block. Anyone can use blockchain to verify the authenticity or status of a product being delivered.

Consider the Pacific Tuna project as an example.

Blockchain supply chain management provides a step-by-step verification process for tracking tuna fish in this case. As a result of the process, illegal fishing is avoided.

  1. HEALTH CARE

Prior to Blockchain – Patients in the healthcare system can instantly connect to other hospital and collect their medical data. Aside from the delay, there is a high risk of data corruption because the information is stored in a physical memory system.

After Blockchain, there is no longer a centralised authority, resulting in instant data access. Each block is linked to another and distributed across the computer node in this case. It becomes more difficult for a hacker to corrupt the data as a result.

United Healthcare, for example, is an American healthcare company that has used Blockchain to improve its privacy, security, and medical record interoperability.

  1. GOVERNMENT

Prior to Blockchain, rigging votes was an illegal practise that occurred in most traditional voting systems. Citizens who want to vote must also wait a little longer in line and vote at a local authority, which is a time-consuming process. Blockchain Voters will be able to vote without having to reveal their identity in public. Officials count the votes with high precision because each ID can only be associated with one vote. Once a vote is entered into the public ledger, it cannot be deleted.

Consider Mi Vote as an example.

  • Mi Vote is a block chain-based token-based platform that functions similarly to a digital ballot box.
  • Voters can cast their votes using Mi Vote on their smart phones, and the records are securely stored in the block chain.

GOVERNMENT CORRUPTION ARE REDUCED 

While blockchain will not prevent crime, the World Economic Forum (WEF) has identified five use cases for blockchain to address weaknesses in government systems.

  1. GOVERNMENT CONTRACTING / PUBLIC PROCUREMENT 

According to the World Economic Forum, government contracting is the largest area of government spending with the highest potential for corruption worldwide. Through automated contracts, a blockchain-based process can facilitate third-party oversight of transactions and provide greater objectivity and uniformity. Transparency and accountability of transactions and participants would also improve. However, its implementation may be hampered by how it is implemented. According to the World Economic Forum, the easier it is to access and use the blockchain platform, the more vulnerable it is to abuse. Furthermore, if offline transactions continue outside of the blockchain platform, the blockchain platform’s anti-corruption potential is limited.

  1. REGISTRIES OF LAND TILES

As previously stated, blockchain can help some countries improve the efficiency of land title registries. According to the World Economic Forum, Honduras and India are collaborating to use blockchain to expand property rights and improve transparency in a process known for corrupt practises. Land registries based on blockchain technology could provide a secure, decentralised, publicly verifiable, and immutable record system for people to prove their land rights. One limitation would be that countries that do not have land registries would have to build and digitise the information before blockchain could be used.

  1. VOTING BY ELECTRONIC MEANS

Because of concerns about election security, voter registration integrity, poll accessibility, and voter turnout, governments are considering blockchain-based voting platforms. The information security properties of blockchain could aid in addressing election tampering and increasing poll accessibility. Blockchain’s vulnerability to cyberattacks and other security issues, according to the WEF, would be a limitation.

  1. REGISTRRIES OF BENEFICIAL CORPORATE OWNERSHIP

According to the World Economic Forum, secretly operated companies provide opportunities for money laundering, influence peddling, and influencing government investments. Blockchain can be used to create central registries to aid in the tracking of conflicts of interest and criminal activity. It could also improve transparency and disclosure. However, there are several limitations because most countries do not require businesses to keep beneficial ownership information on file. A blockchain-based registry would also necessitate support from politicians, lawyers, banks, and large corporations, which could be difficult in some areas.

  1. GRANT DISTRIBUTIONS

The opaque donation process is ripe for inefficiency and corruption due to the millions of dollars granted to various institutions. Blockchain technology has the potential to reduce the number of actors and managers, streamline the process, and improve verification. According to the WEF, one limitation would be among those who are less technologically savvy and may be excluded from grant disbursement processes. Furthermore, it would not address how grant recipients spend their funds.

FUNDAMENTAL OF BLOCK CHAIN MANAGEMENT

  1. PUBLIC DISTRIBUTED LEDGER (PDLs)

A blockchain is a public distributed ledger that is decentralised and used to record transactions across many computers. A distributed ledger is a database that is shared among blockchain network users. The transactions are accessed and verified by bitcoin network users, making it less vulnerable to cyberattack.

  1. ENCRYPTION

Blockchain prevents unauthorised access by employing a cryptographic algorithm (SHA256) to keep the blocks secure.

Each blockchain user has their own key.

  1.  WORK DEMONSTRATION

Proof of work (PoW) is a method of validating transactions in a blockchain network that involves solving a complex mathematical puzzle known as mining.

  1. MINING

Miners are rewarded in Blockchain for using their resources (time, money, electricity, etc.) to validate new transactions and record them on the public ledger.

FUTURE

Blockchain technology will continue to advance in fields such as business, finance, law, medicine, and real estate. Whether you’re a seasoned Blockchain developer or just starting out, enrolling in our Blockchain Certification Training programme will help individuals of all levels of experience learn Blockchain developer techniques and strategies.

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