Blockchain for Cybersecurity
It all started with Satoshi Nakamoto when he published his invention BITCOIN, back in 2009. Bitcoin is a cryptocurrency that had its ups and downs. To start with, a public ledger that records every Bitcoin transaction is known as BLOCKCHAIN.
Blockchain is a technology that is capable of recording pieces of information in a way that makes it difficult to change hack or even cheat the system. In simple words, Blockchain is just a chain of blocks as we say in this context. A set of digital information (BLOCK) stored in a public database (CHAIN).
To be even more simple, Blockchain is just a diary developed using a few algorithms that cannot even be tried to hack, holding all your transactional records while ensuring security.
Say for example, when you take AMAZON (just an example wherein reality it does not work on blockchain as of this article), the blocks store all of your information from date, time, amount, and the details of your order. It also stores the information about who is behind the purchase with your name and with a unique digital signature kind of like your user name. They distinguish themselves from other blocks with a unique code called “HASH”(cryptographic codes developed by special algorithms). This detailed information is being stored in the blocks and with high security.
But the reality is different. In the above-mentioned example, each block is used to store details of one single purchase, wherein a single Bitcoin Blockchain can store up to 1 MB of data. That is, a single block can store a thousand transactions depending on their size.
POPULAR APPLICATIONS OF BLOCKCHAIN TECHNOLOGY
Before starting with this, why do companies use Blockchain?
It is encrypted, and handles a huge list of records, saving every transaction detail ensuring that even the owner cannot modify the records.
The following are the few important features that make blockchain technology a perfect fit for holding the records of transactions in different industries.
- DISTRIBUTED – There is no particular authority to look after the framework and operations. It is accessible to all the participants in the network.
- ENCRYPTED – Heart of the blockchain technology. Only authorized users can access the information, securing the identity of the users and the participants.
- ROBUST – Instead of sending email or SMS to the user regarding the transaction, it will have direct access to the transaction settlements as Blockchain is a decentralized technology.
- CONSENSUS – Algorithms that are the heartbeat of the blockchain architecture that the participants agree to all the decision that is being made by the Algorithm.
- TRACKING – Easier to track all the records.
- UNCHANGEABLE – Post the transaction, no one including the user can modify the records.
Now let us have an overview of, How industries use Blockchain for their applications.
USE OF BLOCKCHAIN IN SUPPLY CHAIN AND LOGISTICS
As e-commerce keeps growing day by day, will the tracking record be compatible with the growing demands? Because delivering a product from one source to a destination includes multiple entries, invoices, and payments, and sometimes it just gets extended over months and tracking becomes one of the key challenges that the supply chain and logistics deal with. So companies using blockchain in supply chain and logistics benefit from the following,
- Faster and simpler fund transfer at the international level.
- Tracking the records from its source to the destination. It not only helps in tracking the delivery of the products, but it also helps us track the export details with ease. (For example, if there is meat getting exported from one place, you will be able to track where each piece of meat is coming from, processed, stored, packed, and sold, and also the details of the buyer)
USE OF BLOCKCHAIN IN TRAVEL
Traveling is always been one of the fastest-growing aspects of the global economy. No individual stops from traveling and they never want to stop traveling to places, be it for a holiday or an official meeting. Both the customers and the travel & tourism providers can pull out the blockchain applications. They can access travel-related information about the destination easily.
For example, to book a hotel or a flight, the customer has to provide information to the agency and also to different firms. Blockchain can reduce from sharing of information with different firms instantly. It helps by connecting travelers to all the service providers like airlines, hotels, tourist guides, etc, It also helps you by eliminating third-party fees and all the other travel overheads.
USE OF BLOCKCHAIN IN HEALTHCARE
Earlier, in the department of the healthcare industry, there were many problems because of the storage of people’s health data. Any people can have access to view the file of any people’s data which was all stored in a central area. It also takes hours to gather the files of one person which often leads to data breaches, fraud, theft, or losses. That is why blockchain technology for industries like healthcare is more important.
Blockchain technology helps in tracking one’s medical history since birth, and all the other information about their diagnosis will also be present for an anytime reference. It can also control counterfeit medication by using supply-chain protocols by tracing the provenance of the medicines. Some of the Healthcare companies have improved their security and privacy of medical records and we are expecting more companies to follow the Blockchain technology to maintain the records.
Blockchain technology takes over every single part of security and privacy. So why not secure your future by becoming an expert in blockchain now?
Source:
https://www.investopedia.com/terms/b/blockchain.asp
https://www.ibm.com/topics/blockchain