So… What does all that actually mean?
Traditionally, the data concerning a transaction (for example, a bank transaction) is kept in a single location: a database/data warehouse held on a server. Although there are numerous security measures in place, this creates a single point for a hacker to target. Also, this creates only a single verification that the transaction occurred. BlockChain creates a network of computers, called nodes; each of which creates a record of that single transaction… effectively verifying it over and over. This ultimately means that there are numerous, identical versions of that transaction in multiple locations. In order to be compromised, a hacker would need to target every single version of that transaction across every single node in the BlockChain network.
The more nodes within the BlockChain network, the more secure it becomes. Each node has it’s own security measures, raising the level of security exponentially with each node. As the network grows, the likelihood that a security breach can occur becomes infinitesimally smaller. BlockChain platforms are, therefore, inherently more secure than any traditional system can ever be.
This also has another effect… A BlockChain network, by creating so many identical versions of a record, can essentially cut out any need for a 3rd party entity to verify a transaction. For example, a payment made between two (2) users of a BlockChain system can directly exchange funds via the BlockChain network. The network verifies the transaction and creates an un-hackable historical record of it in a digital ledger. At no point would a bank need to get involved to verify the transaction.
How can this be applied to my business?
BlockChain is a methodology for data transmission, verification, are record keeping. Therefore, it can be applied to any industry or business where data needs to be stored, secured, retrieved, and viewed by multiple sources. This covers virtually every business and industry. BlockChain is being applied to everything from medical records to real-estate ownership. Cryptocurrency was the birthplace of BlockChain, but the underlying technology is being used across the board. Below are just a handful of examples of BlockChain being used in various industries:
Cybersecurity – BlockChain apps are replacing traditional IDs with digital identity verification, and replacing passwords with digital authentication.
Healthcare – Outbreaks are being documented by the CDC and patient record management is being handled by BlockChain apps.
Finance – Companies are using “smart” contracts to automate the execution of contract responsibilities, and are creating cryptocurrency wallets using BlockChain platforms.
Manufacturing – Supply chain tracking, prototype and proof of concept tracking are being documented on BlockChain platforms.
Charity – Charitable donations are being documented and tracked using BlockChain apps.
Retail – New peer to peer retail, ride share, and travel service markets are being created on BlockChain platforms and are using cryptocurrency.
Media – Artist recordings are being executed and stored, and royalty payments are being tracked via BlockChain apps.
Astir IT Solutions, Inc. has the consulting services necessary to help your business understand how to leverage BlockChain. We also have the BlockChain as a Service (BaaS) solutions needed to develop, test, implement, and manage your BlockChain platform. As BlockChain continues to be adopted throughout the business world, it is imperative that your business stay competitive. Contact Astir IT and see how our BlockChain services and solutions can revolutionize your business.