In the past decade, the blockchain technology has emerged on the scene with a boom. Companies across the globe are trying to extract use-cases of this technology in their workflows. The decentralization aspect offered by blockchain completely eliminates the intervention of any third-party from a workflow and can potentially help overcome a lot of privacy issues that are prevalent in the modern world today. If used properly, blockchain can completely revolutionize different industries across the world.
Talking to BlockPublisher, the founder of Morgan Creek Digital Jason, A. Williams stated:
I think there are very few times you can clearly see (as Peter Thiel wrote) a zero to one event. Where a new industry is born with tremendous potential value and disruptive force. Something that can change everything that we experience around transactions. That’s Blockchain.
From the aviation industry to the electoral processes, if used properly, blockchain can prove to be game-changing. Social media platforms, which are often accused of leaking sensitive information of its users, can be made completely secure using the prospects offered by blockchain.
The major benefits offered by blockchain are complete anonymity, transparency, security and elimination of a third-party. In a blockchain network, there is no central authority in place that holds all the data of the network. Instead, the entire network is decentralized in the form of user nodes. All the operations that are taking place on the network are visible to each and every node owing to the distributed ledger technology (DLT) that is employed at the core of a blockchain. The record of each and every activity on the network is maintained by each node and owing to this, a transparent fabric of operation is provided. This makes the blockchain technology feasible for usage in scenarios where transparency is of the utmost priority such as elections, voter registration etc.
Speaking to BlockPublisher, Eric Thies, a crypto analyst, stated:
I see its potential to solve those transparency/operational issue across many governments.
Another aspect that blockchain provides is anonymity. In frameworks where a central authority has access to all the information about the users, a hack can prove to be very dangerous. But in a decentralized network, where users do not have to hand out their personal information to anybody else, this situation can be avoided. In a decentralized network, the nodes are identified by their keys and the personal information of the users is kept secured.
Security and auditability are some of the other important feature linked with blockchain. As all the activities are visible to all, all the suspicious activities on the network can be traced. An auditable framework can be developed using blockchain and hence, a complete security fabric can be established.
Cryptocurrencies present just one use-case of the blockchain technology and are completely changing the global financial ecosystem already. There is a lot to be explored when it comes to this technology and it can certainly prove to revolutionary in the coming future.