fbpx
Mytek Logo
MyTek Logo

What’s New with Blockchain?

by | May 6, 2019 | MyTek Blog, Technology

Q

Subscribe To The Blog

By subscribing to the blog, you will be notified when a new blog post is created on the site.

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. 

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. 

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.

ABOUT THE AUTHOR

Tim - Team

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.

Q

Subscribe To This Author

By subscribing to the author, you will be notified when a new blog post is created by the author.

AUTHOR’S RECENT POSTS

Top 5 Hardware Monitoring Software 

Did you know that almost 40% of servers had at least one outage in the last twelve months? Veeam reports that the most common reason for outrages is infrastructure failure which puts the current hardware monitoring practices under the scanner. Hardware failures are...

Types of Mobile Malware & How to Defend Against Them

Malware has a long history of undermining computer security and stealing critical data. With the rapid growth of mobile usage, we're now seeing a new breed of mobile malware infecting smartphones and tablets. The new-age mobile malware are more advanced, seamless, and...

How to Protect Your Data Privacy & Enhance IT Security

Every time you use a device, you enter, modify or access data. Some of your usages are routine and public but sometimes you perform tasks that are confidential in your personal life or business. Naturally, this type of data is private and it should be kept that way....

Mobile? Grab this Article!

QR Code

Blog Archive

Generated by Feedzy
Share This