What can Blockchain do?

WHAT CAN BLOCKCHAIN DO?

The use of blockchain is widespread in the various sector not only limited to creating digital currencies. Blockchain technology was first introduced and implemented by Satoshi Nakamoto, the creator of Bitcoin. The decentralized nature of Blockchain is one of the key factors which enable crypto users make a transaction without the interference of banks.

BLOCKCHAIN TRANSFORM DATABASE

Blockchain was used for the first time ever in Bitcoin and the was considered as a revolutionized type of internet as it only offers its user to distribute information but won’t be able to copy anything from the blockchain. Now, the technology has emerged as a distributed database. A traditional data storing management uses mostly spreadsheet and a programmed database system that will be storing millions of information which require a regular system and records update.

All those records kept in blockchain technology can be read publicly by every blockchain participant in the blockchain. The participants are able to read the data with the decryption key and will provide the proof of newly added data as and when the data gets added. Interestingly, no centralized version of that information kept in blockchain could invite possible hacking risk!

TRANSFORM BANKING SECTORS

Nowadays, more and more financial institution are exploring and implementing blockchain technology to enhance their system especially in keeping the track of transaction records. Blockchain technology implementation in financial institutions could also increase transparency and reduce the risk or fraud, money-laundering and many more. In addition, any data kept in blockchain technology will have the least chance of getting corrupt or being forged. The banking sectors could benefit from the implementation of the blockchain technology by reduction in the database costs and others.

BLOCKCHAIN TRANSFORM HOSPITALITY SECTORS

The nature of blockchain offers transparency and incorruptible record keeping that benefit the hospitality sectors. Due to the huge amount of computing power to override the entire network makes it difficult to be hacked. It would be a great effort to make some changes toward a single entry in the database as it will require altering all of the data that comes afterwards, on every single node. By using blockchain in hospitality sectors, such as the healthcare industry, blockchain could be used for their daily operations. The implementation of blockchain will make it easier for patients to share records and keep track of their latest health record. The blockchain technology makes the data unalterable thereby preventing fraud or misstatement.

ENHANCE PUBLIC SECTORS

With the implementation of blockchain technology, the public sector’s information will be transparent and turn 100% publicly accessible. Blockchain technology will also simplify the processes of the elections or any sort of polls due to its transparency. Fraud and corruption could be reduced in the public sector by embracing distributed ledger technology. For example, vehicle registries, digital identity for individuals, voting records could be made public.