With the continuous rise of virtual means, the internet has become the primary channel of communication. These days, e-commerce is also gaining popularity online. Many people believe that blockchain technology can be the solution to hacking and tampering with the data stored on the internet. It is seen as the future of transparency and decentralization.
Because of the opportunities that blockchain technology can offer, businesses are looking forward to significant changes in the future. More industries such as supply chains, cyber security, Ethereum , finance, and many others are keeping an eye on the future of this internet technology.
What is Blockchain Technology?
Blockchain technology was known in cryptocurrency. It serves as the decentralized system which records all the cryptocurrency transactions. It is an open electronic ledger distributed across networks to provide transparency and seamless transactions.
Though it is an open ledger, what’s unique about this technology is it cannot be hacked or tampered with by anyone. The electronic records of crypto transactions can be verified and distinguished through blockchain technology. Because of its effectiveness and success in cryptocurrency, many people look for its benefits in the digital world.
The Future of Blockchain in Different Industries
The first is in the supply chain industry. Blockchain is known to be efficient and safe. It can streamline the communication process between supply chain partners. This technology also offers an optimized process of uploading and tracking data. Since it promotes transparency, all information is shared in a cloud that anyone from a supply chain company can access.
Blockchain technology can also revolutionize the banking and financial sectors. It promotes secure and reliable decentralization. Every time a transaction is entered into the blockchain, it will be present throughout the network. All transactions recorded in the blockchain are accurate and in chronological order. Since it is decentralized, tampering or altering a single transaction is nearly impossible.
Every year, many hacking schemes, such as phishing and ransomware attacks, are happening on the internet. For a consumer, he may lose a certain amount of money, but for larger companies, a ransomware attack may lose them millions. The decentralization feature of blockchain technology can be difficult for hackers to attack. This can be the solution to preventing cyber attacks.
Blockchain for Consumers
Aside from businesses, blockchain technology can also benefit consumers. Through blockchain, consumers can verify and track a product’s supply chain process. Because of transparency and decentralization, consumers can check a product’s authenticity through its history, starting from production up to distribution to the markets.
Consumers may also confirm through blockchain if a product is inauthentic or stolen. Specific individuals cannot manipulate any data entered into the blockchain.
In short, consumers have access to track and verify the history of purchased goods, which can help claim warranties.
Like blockchain’s success in cryptocurrency, it can also be incorporated into different industries in the future. It does not only help in verifying and authentication, but it can also provide ease of communication within a network.