• Blockchain applications are helping organizations manage digital asset transactions better, eliminating the need for intermediaries and escalating the pace of doing business.
Companies that deal with online monetary transactions always fear the risks associated with cybersecurity. And so it’s quite natural on the company’s part to do whatever it takes to protect its valuable assets from hackers. For addressing such trust issues, companies are making a substantial investment in new-age and advanced technologies, and blockchain is quickly becoming every organization’s first choice for secure online transactions. Transparency, immutability, robustness, and decentralization as the prominent features of blockchain are responsible for attracting companies to leverage the technology. While there are several blockchain applications already making a mark in the market, these three applications will simply blow your mind:
Blockchain applications that are mind-blowing
Blockchain applications have gone beyond cryptocurrency. Here are few such applications that you have not probably heard yet.
1. Digital identity
Whenever we browse something online, we leave a trail of personal data. While transacting online, we reveal information like our house address, credit card details, government IDs, and several other critical pieces of information about us. The risk of hackers breaching our computer systems or a network we’re using to share information is growing tremendously, given the frequency of online transactions today. , Using blockchain for digital identity, eliminates this fear. Blockchain offers a decentralized ledger to store digital records. This decentralized ledger technology (DLT) can store every single person’s identity, including their government IDs, purchasing history, medical records, and so on and so forth. The ledger is tamper-free, immutable, and up-to-date. Hence, blockchain for digital identity is the best most secure way to validate your identity.
2. Blockchain IoT
IoT is disrupting our lives, professionally and personally, as no other technology has. We’re using or interacting these devices at multiple touchpoints in our daily lives. These devices collect a bulk of information on us, in real-time. However, as the use of IoT devices has increased, the concern around data security has increased too. What if hackers inject malware into an IoT device or a complete IoT network? Hackers will get unauthorized access to a barrage of classified information. Well, to address this, and similar issues, companies should leverage a technology that allows tamper-proof data sharing between IoT devices. Using blockchain to secure IoT devices can store data in a decentralized ledger, which means no scope for third-party interference. The immutable nature of blockchain makes data stored on it tamper-proof..
3. Audit process
The audit process contains an inspection of the company’s financial transactions. Functionally, data stored on a blockchain ledger is irreversible and permanent. Hence, companies can store every transaction detail, including the internal and external cash flow, on blockchain ledger. The audit team can use this ledger for verifying their organization’s monetary transactions. Additionally, there is no need for calling the business partners, clients, and vendors, asking for transaction details anymore. Blockchain allows these stakeholders to view every single transaction detail. Hence, blockchain helps companies to save a lot of their time, effort, and capital, thereby making the auditing process automated.
Blockchain is a powerful technology that holds the power to innovate business operations, undertake fast and safe asset transactions, and disrupt the organizational practices altogether.