Over the years we have heard of so many new technologies coming up and one of them happened to be blockchain.
Why is blockchain technology being widely explored and why is Bitcoin slowly taking charge of the financial industry and business sectors? We are here to discuss how this is happening.
What is blockchain and what does it do? In simple terms, it is a digital currency that keeps public ledgers of transaction records and information. At some point in your life, you may have seen the new wave of QR (Quick response) codes on products. Each was designed to carry out certain data when scanned. If you were not aware, that is blockchain technology.
This digital footprint tracks every transaction on public or private ledgers to help provide information on the origin of anything that contains a blockchain address. With blockchain technology, we have endless pathway of making digital experiences efficiently and reliable. Now you probably wondering how this is possible.
Blockchain has the power to be transformative and measure any process depending on what you want it to do, from payment solutions to requesting information about products. We can use blockchain technology to connect to Wi-Fi routers and send contact details. You are probably thinking we can already do this, right? Yes, you are right. Yet what if you could have encrypted data of all your personal and non-personal data processed only for the recipient of such data to view? That is the beauty and power of blockchain technology.
In hindsight, the future of blockchain is going to make a colossal impact on everything we do.
In digital marketing, we will see brands using blockchain to track customer product purchases to research their audience segments and better offer targeted ad campaigns from simply scanning a QR code. With this, customers can also track product origins to authenticate purchases along the way. The retail industry is seeing an influx of counterfeit products and this in many ways disrupts businesses in all forms. How can blockchain technology stop the use of counterfeit products?
As we mentioned before we can track the origin of products, this gives both business and customers an inside overview of the supply chain of goods and services. This can verify purchase orders on a digital scale and validate recipients of such transactions. These are smart contracts that can create a widespread of efficiency in business operations. This can enable you as a business to track every sector that transact with your business to ensure your products and services up to standard. So much data can be accessed through blockchain and secured along the way.
If you think blockchain technology is done at just that, you have another thing coming. Data storage is becoming very intricate and hard to manage for many organisations. When we investigate how much data breaches have happened over the years when organisations have been in a critical crisis of information being leaked and violated by unknown sources in some instances.
This has given an opportune moment to explore how data encryption on blockchain technology can diversify to secure data storage with decentralised cloud storage and encrypted data altogether. This makes data highly incorruptible and difficult for hackers to use.
Digital transformation through blockchain is about to dawn on the world with a storm of advancement in technology and change everything we do. The concept of blockchain technology has a wide range of development structures that can be implemented in almost any structure in society. The challenge now is, do you think the world is ready to explore a future in blockchain technology?