For those who are well-associated with the fields of investing, banking, and cryptocurrency, for them, blockchain is a collective term. Bitcoin network has been working on this record-keeping technology. In layman’s term, blockchain is a public, distributed, and decentralized ledger, which is true to some sense. It is a chain of blocks, where the central notion is associated with the field of digital information, widely stored in the public database. The blocks here are made using digitalized informative pieces.
Blocks are designed to store information about some transactions like time, date, and dollar amount of recent purchases made from the e-commerce store. It further stores information about those people who are actively taking part in such transactions. The information can further distinguish them from any other block. Right now, in 2020, people are likely to see a surge in this technique, which eventually help improve the traffic to your business. While looking for a modern tech trend of 2020, blockchain is likely to run at the top.
Mainstream use of blockchain in your business:
As there is always a growing concern of consumer privacy, major global chains, and even sensitive information circulation, people are aiming for the best tech solution to cover the issues with ease. Whenever a business gets to face any big obstacle, there remains a blockchain to solve it. According to the Deloitte research team, many business leaders have already started using Blockchain. Regulatory problems indeed remain, but 86% of leaders believe that blockchain can easily reach mainstream adoption.
Blockchain is of ultimate help in certain areas like healthcare. In the USA, medical error is stated as the third leading cause of death. Most of it is associated with the communication problems between the medical parties and other providers. The healthcare industry needs to deal with strict privacy regulations, significant fragmentation of this industry, and even higher data costs. At this stage, blockchain might come as the most significant relief.
- Traditional methods of sharing data can lead to vulnerable data theft. However, you can’t say that with blockchain. Blockchain reduces this risk of losing data as it created a block of data, which anyone can access or change only with a key code.
- So, now the patients have the liberty to share their information with the chosen providers only. They can even add records to health history, and there won’t be any breach of information sharing.
- One start-up company in London has already created its Blockchain platform. Here, they are storing and even sharing medical information within a safe and secure zone. You get to learn more about it from blastup.
It is way beyond that Bitcoin:
Blockchain has moved up a notch in 2020 and has crossed the primary Bitcoin platform. Now, it has entered multiple businesses, which are looking for a safe and secure transaction platform. Let’s take the shipping sector, for example. Over $4 trillion of goods are shipped every year globally. Around 80% of those get carried through shipping, and that calls for loads of paperwork. Trade documentation for processing and then administering those goods is likely to be around one-fifth of the current physical transporting cost. So, right now, the logistics firm, along with a technology company, is developing a joint globalized trade platform digitally. For that, the members are using blockchain technology.
Thanks to this technology, the companies can create immutable and shared transactional records and offer the disparate partners some access to any form of information anytime. This is just one example of what the encrypted and immutable blockchain solution can do, and it goes way beyond that.
The capabilities that businesses can achieve:
In a general sense, capabilities can define the higher-level functions, which businesses can achieve by using the blockchain technology within their system. Blockchain has three significant capabilities involved, such as resilience to data loss, operation and shared governance, and verifiable state. Businesses can quickly identify around 11 added capabilities in coding.
- Furthermore, businesses can easily use blockchain systems to offer a complete transactional history that was consensus approved.
- This information is mandatory to use for auditing the system and ensuring that it gets to follow some appropriate rules.
- Not just for the miners, but even the non-miners can use the information for verifying whether their systems are operated and governed correctly or not.
- In case the transactions are designed to store information related to real-world or digital resources, then it is vital to staple the resources to the on-chain identifiers.
- The blockchain system might need provenance information at this stage to offer audit information for such resources. This information is mainly used for tracking down off-chain assets, digital on-chain assets, and off-chain digital assets.
An increase in federated blockchains:
Blockchains can only showcase their power if everyone within the chain agrees to work with the same protocols. You can classify the blockchain networks as public, private, hybrid, or federated. The most common ones among the lot are private and public. However, this notion is likely to change in 2020. The biggest blockchain trends in the current industry are likely to be federated blockchain. Here, not just one, but multiple organizations can control some of the pre-selective nodes of this blockchain sector.
Perfect combination with IoT:
Right now, the Internet of Things is growing at a fast pace, but security always remains a significant concern. At this stage, blockchain comes as a handy help. With some of the challenging safety measures coming up, the IoT market might look for a renewed security measure. So, blockchain is here to provide some hope to the IoT world.
Coming age for blockchain:
Going through the information clearly states that 2020 is going to be the coming age of blockchain, especially in public sectors. Governments are now looking for some globalized coordination and asking significant questions around ways to deploy blockchain technology. They will be talking about data sharing and identity models too. Shortly, blockchain will be exploring the world of government tech-based cases with ease.