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Blockchains Move Into New Industries

by | Feb 24, 2020 | MyTek Blog, Technology

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As a Phoenix IT firm, we keep ourselves updated with the latest technology trends. Of these trends, blockchain forms a major part. But until recently, there were no trends concerning distributed software titles. Cryptocurrency is one of the most significant applications of blockchain so today we’ll dive deep into blockchain-enabled software and see how it can become a routine part of any business.

Blockchain Meaning Decoded

Blockchain is a distributed and encrypted ledger system with a unique record modeled as an online transaction trail. The blockchain details are stored on different devices of transaction. Usually, blockchain brings security and transparency to online transactions.

There are various ways how blockchain can improve your business operations. 

Accountability of Online Transactions

A blockchain record is permanent proof of genuine transactions. You get to see the transaction logs at different device nodes. Be it a standalone transaction or corrective transaction; these are properly encrypted. 

This accountability offered by blockchain technology can be used in different applications.

Banking and Financial Services (BFSI)

In the BFSI sector, blockchain, with its automated record-keeping functionality, ensures that funds are channelized securely and accountable.

Voting

With blockchain, you can make the voting process more secure and transparent. In this way, you can reduce the chances of election rigging.

Real Estate

Real estate sees numerous fraudulent transactions with its non-transparent selling and buying process. Using blockchain, you can get fair deals for your property deals. 

Wills and Inheritances

Wills and inheritances can experience irregularities like fake signatures, fraudulent entry of terms, and more. With the blockchain audit trail, you can easily see who has made changes to the document at a particular time. 

Supply Chain Management and Logistics

Each blockchain transaction can be individually tracked with its unique details. Using this log, you can track the resources and finished products.

Share Your Information in a Secure Manner

The world is shifting more and more towards digital modes of communication. However, data security can pose a major challenge while communicating digitally. With blockchain, you can protect the relevant data by masking the content at specific blockchain nodes. Furthermore, this technology helps you create transparency and receive fair compensation. 

Some applications of blockchain security are:

Healthcare

With blockchain technology, an individual can access and maintain their health records without the support of medical personnel. 

Stock Trading

Stock exchanges can use blockchain logs to keep track of transactions and identity malpractices.

Education

In the education sector, blockchain can make verification easy. By eliminating unwanted paper files, you can streamline the processes like financial aid, university registration, management, etc. 

Internet of Things (IoT)

With blockchain, you can decentralize the IoT device and enhance security. 

Public Records

Many states have taken steps to reduce paper documents, ensuring security and minimizing fraud. Also, blockchain technology enhances the accountability of public officials.

If you are interested in knowing more about blockchain, and the types of blockchain software, call MyTek, a Phoenix IT firm, at 623-312-2440 today!

ABOUT THE AUTHOR

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Tim Tiller, LMSW

 
Tim Tiller, MSW brings a deep service background to his role at Mytek, having graduated from McDonald’s management training program, fresh out of high school, and working his way up through the ranks in the hospitality industry. He has led two prior companies – Multi-Systems Inc., an IT-focused organization providing technology to hospitality companies (where he was named President at age 36), and most recently, as Chief Operating Officer for Jewish Voice Ministries International.

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