Blockchain was invented by Satoshi Nakamoto in 2008. It is a digital database that stores information via platforms called blocks, which are linked together and secured with high-end cryptography. You can think of it as an ever-expanding public ledger or list of records. In 2009, it was used as the main database for bitcoins.
By design, blockchain is quite resistant to external tampering or modification. The information on a blockchain is encrypted and distributed over a wide network of computers, after which it is broken down into smaller components. This prevents large amounts of data being corrupted or accessed all at once.
Although blockchain is used primarily by the cryptocurrency world, its level of security means its starting to get recognized by other markets. Experts think that 2018 and beyond will be huge for blockchain as several industries implement its use. Here are four examples.
Banking and finance
Since banks store not only people’s money, but vast amounts of sensitive data, financial organizations who are looking to make advancements on their current systems will benefit from using blockchain technology.
Right now, it is estimated that around 80% of banks are working on creating their own blockchain systems. With blockchain, banks can give wider, more efficient, and more secure services to people across the globe.
The ever-increasing number and severity of cybercrime in the last couple of years has made blockchain technology a logical choice for cybersecurity companies worldwide.
As previously stated, the data on a blockchain database is distributed over a network. This makes it much harder for cybercriminals to hack a system that utilizes blockchain.
Due to their poor security infrastructure, the healthcare industry always faces cybersecurity issues. Hospitals, clinics, and all other kinds of health facilities are constant targets of cybercrime, which is why they need blockchain technology.
By adopting a decentralized blockchain system, healthcare providers achieve two goals at the same time. They improve information security for their patients, and they enhance their internal workflow by increasing the speed and efficiency of data sharing among interconnected facilities.
The inherent security of blockchain is a natural fit for the retail market, especially for sellers that get a significant portion of their profits from online sales. If businesses take advantage of blockchain technology for their online marketplaces, they’ll be able to safely connect to their customers in and process the exchange of goods and money in a way that ensures total security for both parties.
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