What’s the deal with Blockchain?

Blockchain is setting out to redefine more than just Finances

Suppose this article were a Blockchain. It would not be stored in one central server but a copy would instead be stored across multiple computers - mine, yours, Fred’s and Connie’s. If I want to make any change to it, I will need all of you to consent in order to do so, but only I can make changes to it.
When I make changes to the article, it does not over write the current file but is instead stored as a new version of it. Although the article is stored across all the computers, it does not mean that you will be able to access it or read what is within. Only the authorized personnel will be able to access their respective section of the article.
 
 
Why Blockchain?
Blockchain is redefining digital trust. Previously, a third-party would have to govern interactions taking place between a person and server. This however came with a horde of issues, as the third-party would host all the information on a centralized server and would have complete control over it.
You simply had to trust that this third-party will do no injustice, but another problem arises when you take cyber-attacks into consideration. This centralized method makes it easy for anyone looking to steal sensitive information. All they’d have to do is breach the security of one system and they’d be in.
How Blockchain?
Blockchain gives us a method of storing data that is both transparent and incorruptible. Any change made must be unanimous, however only authorized persons can make changes. It creates an unalterable log of previous iterations and most importantly as of right now, Blockchain is the most secure way to record information over the internet.
 

 
This opens up many venues and holds potential to revolutionize how entire industries work. The properties of Blockchain are unique in the sense that, never has there been a system created by humans that is nearly infallible. This technology can be used to overcome some of the most fundamental problems with record-keeping systems currently in place.
Where Blockchain?
Blockchain is the underlying technology that has given momentum to all the cryptocurrencies out there, but this does not make Blockchain synonymous with cryptocurrencies. The technology holds massive opportunity to become the next leap for industries to take in the name of advancement.
Ease Supply Chain Auditing:
One can trace the journey of an item through the Supply Chain with just a few clicks using Blockchain. In the case of food contamination, it is up to the seller to identify and dispose food coming from a certain batch or a certain point of origin.
Quickly disposing contaminated food can stunt the spread of food borne diseases such as Mad Cow disease or Avian Influenza without forfeiting operations completely. The time bird flu broke out, it probably took Walmart about two weeks to trace back the origin of the food batches during which they had to stop selling poultry or risk spreading disease[1].
 

 
Make Voting Truly Democratic:
Voting, the process that determines the next government of a democratic country, is a crucial process that adversely affects the path a country takes. Sounds pretty important, should be secure and fair right? Unfortunately most election news reads as follows - Elections Hacked and Election Malpractices so much so that an entire list of “Most Rigged and Corrupt Elections in Modern World History[2]” can be compiled.
Using Blockchain, you can conduct an election where the votes cannot be changed. Voters’ identities will not be compromised, illegitimate votes cannot be entered, vote counting cannot be manipulated and results can easily be audited to ensure fair play. Sounds too good to be true, doesn’t it?
Secure Your Data:
While the cloud technology helped mobilize many operational functions, it also came with its own array of problems. If and when the security of a cloud is compromised, the consequences can be devastating. Like when Equifax jeopardized the personal information of almost 143 million Americans[3] and the time Sony lost 77 million PlayStation Network accounts to a hacking and had to shut down their site for a month[4].
 

 
Cue in Blockchains, the knight in shining armor where the files within the Blockchain are not stored in one singular location, and only those with the encryption key can access the files. This prevents disasters such as data leaks or data theft.
When Blockchain?
As is the case with new newly introduced technology, Blockchain is approached with caution. And that is understandable, the technology is after all at its infancy. But it will continue to grow to become the next best thing and soon the norm in a future that is fast approaching.

 

References

  1. ^ Huffstutter, P.J. “Bird Flu May Take Bite out of Thanksgiving's Turkey Supply.” Reuters, Thomson Reuters, 6 May 2015
  2. ^ Misachi, John. “Most Rigged And Corrupt Elections In Modern World History.” WorldAtlas, 24 Oct. 2016
  3. ^ O'Brien, Sara. “Equifax Data Breach: 143 Million People Could Be Affected.” CNNMoney, Cable News Network, 8 Sept 2017
  4. ^ Thomas, Keir. “PlayStation Network Users Reporting Credit Card Fraud.” CSO Online, CSO, 30 Apr. 2011

 

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Disclaimer

This Blog Post is for informational purposes only. Any information provided on the KIT Blog is accurate and true to the best of our knowledge, but that there may be omissions, errors or mistakes. Even though KIT is an IT Consultancy, the KIT Blog must not be seen or substituted as any kind of Consultative advice. Readers must not rely solely on any information posted on the KIT Blog, doing so would be at their own risk. For any Consultative advice regarding IT solutions, products and/or services, please contact info@kit.ae.

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