When it comes to promising technology, it doesn’t get more cutting-edge than blockchain. Originating in the world of bitcoin and other cryptocurrencies, the term refers to a peer-to-peer system of logging events (such as transactions) in an “append-only” way. This means that transactions can be added to the ledger, but not removed, making blockchain a secure and de-centralized means of logging information.
Let’s look at 3 ways blockchain could make a serious impact on the business world.
1. Digital asset ownership will become a reality
Historically, it’s been very difficult to prove ownership over a single digital asset – such as a piece of digital artwork. Because files can be copied with ease, even a certificate of authenticity from the vendor isn’t enough. With blockchain, the transfer of digital assets can be logged in the ledger and can never be altered, meaning anyone can check who owns what anytime with 100% accuracy.
2. Licensing of digital media will be “trustless”
Many companies license their software and other media to users, but it’s traditionally done in a centralized way. This means the software developer always has the ability to block users from accessing the media even if they’ve paid for access. By adopting an immutable blockchain verification system, the checking of these digital licenses will be seamlessly de-centralized, taking the requirement to trust a sometimes-faceless corporation entirely out of the equation.
3. Personal data will be safer than ever
The security of personal and business data is a global concern, and for good reason. When users need to trust companies to keep their data safe on their servers, there’s always a risk of a breach. But this risk can be totally mitigated by using a blockchain solution. By design, blockchain technology uses uncrackable encryption, giving users total peace of mind that their data is being kept safe and secure at all times spread across the nodes in the blockchain.
So it’s clear to see why blockchain technology is becoming such a hot topic across the world. The only question which remains is: how long until we see blockchain technology in every business across the globe?
Bitcoin by CreditRepairExpert licensed under Creative Commons 4.0