There’s a lot of buzz around the blockchain in the business sector and it’s not just about cryptocurrencies these days. Many of the benefits of the blockchain, be it decentralization for the sake of security or reduced server strain through an intermeshed network, are being rolled into business applications in ways that makes them difficult to pass up. It might be high time to adopt if you haven’t considered doing so before.
The foundation of decentralization
At its most basic level, the concept of a blockchain is a lot like having a server full of information that is independently verified by countless other backups that can only be directly accessed by those with the proper clearance. Copies of information are shared between users, yet that information is also secured and verified by those same users to ensure the stability, redundancy and appropriate access rights remain consistent.
Even physical records held under lock and key cannot hold a candle to the security of a blockchain access method; While a real life lock may have a key with a limited number of copies that can be easily duplicated, misplaced or even stolen, blockchain authorization is more like having thousands of tiny pieces of a key spread across thousands of points of access at once. Making a thousand-piece key in physical form is less feasible for a wide variety of reasons.
This lends itself well to any business with a concern for the security of information be it internal documents or information pertaining to its users. Many of the traditional methods of obtaining illicit access to a system such as a denial of service attack simply don’t work against a blockchain network in the same way it might succeed against a single defended server.
A network of applications
While once viewed as the building block for cryptocurrencies and little else, blockchain technology currently stands to improve the usability and safety of many business sectors. For example, one interesting implementation of blockchain in medicine can help keep medical records within easy reach for hospitals and clinics to access at a moment’s notice without worry of leaking sensitive information, while those in the business of shipping and receiving goods can track and verify an entire supply chain through simple block technology.
It’s no wonder companies like IBM are courting the blockchain development world by launching their own platform in just another example of a large multinational corporation moving towards more widespread acceptance of a new technology.
Breakthroughs in blockchain applications have pushed concepts like the idea of smart contracts back into the limelight after suffering waning popularity through the 90s; Instead of struggling to enforce contracts in the modern world through intermediaries in the judicial system with all the time investment that requires, routing business transactions through a decentralized network with automatic term enforcement takes the pain out of monitoring business partners and pushing for legal repercussions when terms are not followed through.
While it is more than possible to code applications from scratch there are already a large number of pre-built apps available that can be rolled into an existing system depending on your needs. Product research tools and customer database security solutions make for popular choices, with intriguing fringe applications offering services that may not come to the mind of the average executive. For example, what if you could poll your customer base and know their responses aren’t being spoofed through duplicate votes or illicit means?
Blockchain voting, much like any other security application, offers another layer of protection with the knowledge that your customers’ actual responses are making it to your inbox rather than robo-votes sourced from outside your network. In an era where customer interaction and quick reactions to changing markets remains key, taking advantage of an existing resource like blockchain voting is simply a wise move to make.
If you’ve been trying to devise new methods of moving outdated business sector technology into the modern age, building apps on blockchain tech is a wise step. Advanced security and peace of mind without the outlandish costs associated with private security solutions makes for happy investors and consumers alike. If a better decentralization process exists to advance security by significant margins, we have yet to see it.