Even as the concept of ‘Blockchain’ is bouncing off everyone’s radar and everyone is keen to know more about this trending topic – let us see more about this new and emerging technology.
‘Blockchain’ is popularly associated with ‘Bitcoin’ cryptocurrency. The Blockchain system shot into prominence and more industry experts took notice of it only after Bitcoin’s surge and ultimately its downfall!
‘Blockchain’ as you might recollect from my earlier post is the shared ledger system. Each transaction is recorded and added to the shared ledger after being approved by the ‘miners’. The beauty of ‘Blockchain’ is that each miner or node has a copy of the transaction. None of the transactions can be modified or deleted.It allows total transparency of the system with no central authority and promises complete anonymity and security.
It is the lack of central authority and the complete anonymity in transactions that is making industry experts to take notice of the “Blockchain” concept.
Where can it be used?
Now, the Blockchain concept is considered to be useful in any industry which has a lengthy process from the source to the destination. The supply chain industry, food industry, retail industry, jewellery industry, insurance industry, financial industry inclusive of the banking sector all are either already embracing the blockchain technology or planning to, in the near future.
Organizations embracing Blockchain:
Microsoft, Oracle, VISA, IBM are a few of the organizations embracing ‘Blockchain’ for reducing costs,enabling trust and so on.
Advantages of using the Blockchain technology:
Future of Blockchain:
Even as more organizations are pondering how the Blockchain technology can be incorporated into their business objectives, it is a possibility that we will find it in these industries:
There are still plenty of industries that will benefit from implementing this amazing new technology. It is just a matter of time before we hire a cab, walk into a store, see the produce, check where it is from, make a payment and see if it reaches the vendor – all by means of the Blockchain technology!
Jayanthi Manikandan has an undergraduate degree in Computer Science from India and a Master’s degree in Information systems with a specialization in Information security from Detroit, MI, USA. She has written blogs for Simplilearn, Whizlabs software, InfoSec institute and Jigsaw academy. She has created e-learning videos for Whizlabs software and Twenty19.
She has been passionate about Information security and has several years of experience writing on various technical topics. Additionally, she loves to pen a few personal thoughts here as well! 🙂