What’s Happening with Blockchain

For a while there, blockchain was a buzzword that you would hear about constantly. It was the future of data security and secure online transactions. As 2020 has pointed our attention elsewhere, you’ve heard less and less about blockchain technology. Today, we’ll take a look at what some of the most innovative companies are doing with distributed encrypted networks,

What Is Blockchain? 

Blockchain was one of the most talked about technologies of the last half of the past decade; and while there have been hundreds of startups that use blockchain at the center of their offerings, there is some thought that the usability of the technology wasn’t as revolutionary as it was made out to be. For those of you who didn’t believe the hype, however, it should be noted that blockchain, the distributed ledger technology that provides unparalleled data security, transparency, and reliability, has been used as the basis of applications for financial services, real estate, law enforcement, supply chain management, insurance, and many more industries. 

The applications of this technology don’t end for cybersecurity, however. For the past several years the technology has been seen used in more and more practical applications.  You see, when you can depend on the reliability of information, developers will want to use it to enhance the ability to manage waste. Supply chain management is a great example. The more transparency a business can have with the products and resources on their supply chain, the more efficient their operations will be and the reliable their projections will be, allowing them to budget better and use the capital they would have otherwise wasted in advancing their company’s agendas.

How Some Industries Use Blockchain

The best way to see how blockchain has been integrated into software is to take a look at how companies utilize the technology.

Medical

If there has been one industry that has utilized blockchain technology the best, it is the healthcare industry. Some hospitals have already started utilizing the technology to help protect patient data. In healthcare there is a lot of information that needs to be both secured and simultaneously available, a complete conundrum for healthcare providers. Enter blockchain. Here is a technology with the ability to keep a transparent, yet incorruptible and private log of all patient health, insurance, and provider data; and, since it is decentralized, sharing the information that’s needed comes with fewer risks to patient profile info.

Banking

One industry that analysts were most curious about was how blockchain was going to affect the banking industry. Obviously, with the ability to keep transactions transparent and secure, the technology is perfect for the banking industry which, despite all the technological advancements over the past 50 years, hasn’t changed all that much. Today, banks are using blockchain as the basis for smart transactions that can be used to move money faster than ever. Banks are also partnering with various FinTech (financial technology) companies to create financial products that will seemingly revolutionize the way people and businesses can get the capital they need to push their initiatives forward.

Cybersecurity

Another obvious industry that is both quickly growing and in need of reliable instruments is the cybersecurity industry. Basically, companies are creating products that revolutionize the way people store their sensitive data. The distributed nature of blockchain is the impetus behind this shift. The less information can be gained from one location, the less likely hackers and cybercriminals will be to try and infiltrate. Moreover, with blockchain’s built-in encryption it has become a great option for access control systems and for data confidentiality as a whole. 

You may not be able to download a blockchain app and find any practical use, but the technology is here and is being used to secure large portions of sensitive data by companies from all over the world. If you would like to learn more about data security using blockchain technology, why not reach out to the IT professionals at Preferred? Our experts can help you better understand what blockchain is and how you may be already using applications built with blockchain and didn’t even know it. Call us today at 708-781-7110 to learn more.