[vc_row][vc_column][vc_column_text]The blockchain was invented as the core of the cryptocurrency Bitcoin. However, it is now possible to see that different types of companies are transferring their complex operations and even entire branches to this technology in order to improve their services.
In addition to the encrypted financial transactions that occur without intermediaries, there are many other applications that are starting to use this technology based on decentralized networks to achieve greater security in their operations. And this spread of the blockchain has influenced, of course, several new businesses. Find out how below!
First of all, what is blockchain?
Blockchain is a distributed digital data record that keeps a continuous increasing number of transactions. Each one of them is divided and stored in separate blocks. These, in turn, form a chain and cannot be tampered with. Once the data/transactions are created, they are saved forever, with no possibility of being changed or deleted.
One of the main blockchain features is that it is based on a decentralized network. In practice, this means that there is no central authority to manage it. That is, transactions are carried out directly between autonomous parties. For an operation to occur, there must be a consensus among the other network participants. Thus, data security increases significantly.
As for the access permissions, they are strictly and tightly regulated because they are intended for corporate use.
As you see, there are a variety of peculiarities that make up the basis of the blockchain. Of course, there are others, among the most important are encryption and the consensus mechanism. Without them, network operation would be impossible or radically different.
How does blockchain impact new business?
With the popularization of this technology, new companies are already incorporating the blockchain in their main transactions. In the same way, new businesses are being created based on this technology. Here are some examples!
1. Health Care
Considering practical examples, healthcare organizations can harness the power of blockchain technology. That is, using it as an immutable system of data storage.
Companies in this industry can create a secure electronic records system to store important and confidential information. The result is improved document management and minimized bureaucracy.
As far as we know, one of the biggest challenges for healthcare products and pharmaceuticals is dealing with the risk of theft of formulas. This problem can be mitigated by using blockchain technology.
2. Digital Rights
Blockchain solutions can help people and companies to protect their trademarks and digital rights. Content creators, authors, musicians, and other digital content contributors will definitely benefit from solutions based on this technology.
3. Confirmation of authenticity and protection against forgery
The quality and authenticity of goods are two constant concerns of customers. Of course, they are also the top priorities for all companies that value a good reputation and want to maintain credibility in the marketplace.
Different retail sectors can use blockchain solutions to ensure the authenticity of the goods. With the ability to verify the product owner and trace source and origin, you can protect against counterfeiting.
This is possible because with this technology you can view the entire supply chain, giving each product a digital ID. In addition, it also eliminates the concern with possible frauds and forgeries, since the data can’t be altered or excluded.
4. IoT ecosystem
The blockchain is a great ally for the expansion and consolidation of the Internet of Things (IoT) since it guarantees the protection of the data collected by the applications.
As previously mentioned, a blockchain is decentralized. In this way, it is possible to affirm that it is tamper-proof by malicious agents. The same way, it is immune to man-in-the-middle attacks as there is no single communication thread that can be intercepted.
Thus, this technology ensures secure communication between devices, providing protection to all collected data.
In an IoT network, the blockchain can keep track of your transactions and track suspicious activity. In addition, it is possible to ensure that records are not accessed or modified by third parties and to resolve other security issues.
With this, it is possible to ensure the autonomous operation of intelligent devices without the need for centralized authority. In short, the blockchain opens the door to a series of IoT scenarios that were remarkably difficult, or even impossible to implement without it.
Scalability and security
As demonstrated, blockchain technology has a variety of applications that can be exploited. Having emerged not long ago, it will still help develop many innovative business models for different types of companies.
Adding scalability, reliability, security, and transparency, blockchain opens the door to many benefits and helps companies improve their business processes and solve a wide range of important tasks and challenges.
Now that you know how blockchain technology can help new business, how about understanding how technology has garantee security? Click here to learn more![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][ultimate_icons][/ultimate_icons][/vc_column][/vc_row]