There’s a new buzzword creating a lot of noise in the IT and finance industry: blockchain! But are you aware of it?
First conceptualized in 2008 by Satoshi Nakamoto, it was perceived as a radical shift in the way we perceive and exchange currency. As a result, it has found great appreciation in supply change management, identity tracking, smart contracts, and other fields.Â
However, blockchain was initially viewed as a gimmick. But, now, there is a gradual shift towards using this tech for organizational security.
Let’s see the new developments in the field of blockchain and understand its utility for your business.
What is Blockchain?
It is a decentralized public ledger that contains blocks of information. The cryptography technique secures each of these linked blocks and prevents data hack.Â
For example, a bitcoin transaction is a popular application of blockchain technology. Here, bitcoin trading requires you to solve a cryptographic puzzle. Different miners operate using nodes (computers) to get bitcoin. The bitcoin block contains details of the transaction like sender address, receiver address, timestamp, etc. These details make it easy to detect a cyberattack, thereby maintaining security.
What Are the Innovative Uses of Blockchain?
Recent advancements in the field has brought forth innovative applications like:
- Security of finance platforms and payment gateways.
- Intelligent contract systems in the domain of real-estate and vehicle transfers.
- End-to-end supply chain management systems.
- Securing online voting platforms.
- Authentication systems.
- Regulation and compliance of taxation matters.
- Storing inheritance papers and wills.
- Proper maintenance of medical records.
- Creating hassle-free data sharing strategies.
- Fine Tuning online voting approaches.
- Monitoring of weapons and prescription drugs.
- Maintaining a robust IoT (internet of Things) network.
- Facilitating labor rights management.
Consequently, blockchain is popular amongst businesses for operation management, security maintenance, and data authentication.
How are you planning to use blockchain for your organization? If you need expert advice on implementing blockchain solutions at your workplace, feel free to contact MyTek’s experienced IT professionals. We are happy to guide you over a quick call at (623) 312-2440.