Blockchain: What it is and what its uses and advantages could be in Industry

Blockchain, the possibly most important disruptive technology of the last decade that is slowly changing the business world, allows permanent transactions to be recorded within a decentralized network, which uses a distributed registry, which means that all its participants They own the information.Visit this site to read articles on Tech.

Use of Blockchain

In health

The use of digital signatures in Blockchain-based data, accessed when multiple users authorize it, can control the availability of medical records and thus maintain their privacy. A conglomerate composed of insurers, patients, doctors and hospitals, can also be part of the entire Blockchain, reducing payment fraud in the healthcare sector. Click here to read articles on Tech.

 In the financial sector

Today, interbank transactions can take days in many cases to be approved and finally entered, especially after office hours. With Blockchain they are processed at any time, and the time to be completed can be reduced to minutes.

In Legal services

Blockchains are trained to aggregate large amounts of data, such as entire contracts. Certain industries can benefit through “smart contracts” or systems that impose, or facilitate, the execution of contracts through the help of Blockchain. The intermediary, as an entity that monitors compliance with the law, can be eliminated from the equation through these smart contracts, if the payments are completed following the agreed parameters. The peculiar nature of the smart contract makes it, through electronic means, easily fulfilled, ensuring that its control does not fall on a single party.

In defense

Access or modification without authority of a vital Defense infrastructure, such as a network firmware or operating system, can lead to national security being seriously compromised. Defense computer systems and infrastructure are usually distributed in different locations. If this distribution is based on Blockchain technology along more than one data center, access is made dependent on a consensus when modifying and preventing attacks on vital parts of equipment and networks.

Blockchain

Government entities

The traditional functioning of the majority of government entities causes delays in information exchanges, worsening citizen service. Using Blockchain to link data between departments, makes the provision of information happen in real time, once the citizen and entity agree to share data. The use of Blockchain can also reduce corruption and increase transparency in government areas around the world.

Advantages of Blockchain Technology

The main advantages of this technology are:

Exchange without Intermediation of Third Parties: It is possible to exchange between two parties without the intermediation or supervision of third parties, reducing risks considerably.

Strength and Reliability: Blockchain can resist malicious attacks better, since it lacks a weak central point, by using decentralized networks.

High Quality Data : Data under Blockchain are widely available, accurate, private, complete and always arrive on time, improving data integrity.

More Trained Users: Users can control all their transactions and information.

Process Integrity: Users can rest assured that their transactions will be executed exactly as marked by the protocol, without the need for third party supervision.

Transparency and Immutability: Any modification to public Blockchains can be seen publicly by each party, ensuring transparency. Each transaction is immutable; It cannot be deleted or modified.

Accounting System Simplification: By adding each transaction to a simple public accounting, we reduce the complexity of multiple accounts.

Efficient Transactions: Blockchain grants greater security, speed and efficiency. This productivity reduces unnecessary overhead costs and intermediary costs, requiring less monitoring and control.