Why there is a lot of hype about blockchain technology?
There had been many tries to create virtual cash over a period of years, however, they have constantly failed. The dominant topic is agreement. If a person creates a brand-new foreign money known as X greenbacks, how are we able to agree that they won’t deliver themselves one million X greenbacks or steal your X greenbacks for themselves?
Bitcoin was developed to resolve this trouble via means of the use of a particular sort of database known as a blockchain. In most ordinary databases, e.g. In a general database, there is a proprietor who can administrate the entries. Blockchain is extraordinary due to the fact that no single administrator is in charge.
So, what is Blockchain?
Blockchain is an open distributed ledger that provides an efficient, verifiable, and permanent record of transactions between two parties without the need for a central authority. For example, in simple terms blockchain generation is a Google Sheet. When we create a Google Sheet and associate it with a group of people, the Google Sheet is shared, not copied, or transmitted. This creates a decentralized distribution chain that gives everyone access to the Google Sheet at the same time, this makes all adjustments to the document recordable in real-time.
Various industries like Pharma & Healthcare, FinTech / Crypto Currency, Supply Chain & Cyber Security have started to adapt to the blockchain, because of these key qualities.
Let’s have a look at these industries in turn
Pharma & HealthCare
According to the World Health Organization, one out of every ten pharmaceuticals marketed worldwide is counterfeit. This is especially concerning in regions where access to medicine is limited and counterfeit alternatives are common, negatively influencing business models, health policy, and patient safety.
Each batch of medicine manufactured by a company comprises a unique block of data, such as the sort of medicine, where it was manufactured, how it was packed when it was delivered, and so on.
Stakeholders would be able to verify exactly all the information linked to the batch at each level of the distribution and flag any issues, in addition to this the privacy of the patient remains secure.
By providing a faster peer-to-peer payment method with great security and minimal costs, blockchain supersedes the conventional banking system. There is no need to pay a central authority because there is none. Isn’t that amazing? This eliminates the need for a third party to conduct a cryptocurrency transaction, such as Bitcoin or one of the many other currency traders.
FinTech is also changing the finance industry with 21st-century tech, using AI for transactions and fraud detection, chatbots for advanced customer service, heightened security via biometrics
Many blockchain networks are starting to include smart contracts, which allow for the automatic execution of agreements between many parties if all the conditions are met.
Supply Chain Management
Blockchain allows permanent transparency and confirmation of transactions shared by numerous supply chain stakeholders within the supply chain operational environment. All transactions are permanent and traceable, allowing an owner or client to easily view any record.
Blockchain increases transparency and compliance in outsourced contract production, allowing assets to be tracked from manufacturing through distribution to end-user by both businesses and consumers.
Any update recorded on the blockchain is transparent and non-removable, and blockchain records are immutable. As a result, data saved on a blockchain is more secure than data maintained on traditional digital or physical records.
Secure data and processing, data transfers, no single point of failure, and increased user confidentiality are all advantages of blockchain.
All blockchain transactions are digitally signed and time-stamped, allowing network users to readily trace transaction history and follow accounts at any point in time. This capability also helps a corporation to have accurate asset or product distribution information.
The blockchain provides numerous opportunities for maintaining a high level of data safety, including reliable data encryption mechanisms, data integrity, network resilience, and scalability. As a result, switching from a traditional system to a blockchain-based system can benefit businesses in virtually every industry.