How Blockchain is finding applications?

Blockchain is often regarded with cryptocurrencies like Bitcoin. More people are into launching cryptocurrency-based businesses and investors have actively traded this volatile form of exchange, Bitcoin, Litecoin and other cryptocurrencies have generated a lot of buzzes. The blockchain technology is going to play a leading role in the coming-together of the ideas that will eventually set the stage for this massive digital transformation and the year 2020 is coming with the gradual maturation of blockchain technology. The technology behind blockchain that makes it ideal for digital currency makes it ideal for other use cases as well and blockchain will revolutionize operations and processes in many industries and governments agencies, if adopted will stimulate people to acquire new skills, traditional business. Industries are only beginning to understand the potential applications of blockchain technology. This technology to poised to bring a lot of changes as Blockchain is more secure and faster because it is a “chain” of records that can’t be changed or stolen. It’s a peer-to-peer network of interconnected computers that operate free of any central authority that would normally act as overseer.

One of the trends to look out for in 2020 will be Blockchain As A Service (BaaS) as it is integrating with numerous startups and enterprises all overall the world. The technology has been used for voting, food safety, and shipping as BaaS is a cloud-based service. Industries are implementing blockchain to streamline processes in the supply chain, medical data, and administration. Social media platforms are also looking at blockchain to solve the problems of scandals, privacy violations, data control, and content relevance as blockchain will ensure that all the social media published data remain untraceable and cannot be duplicated, even after its deletion. This overall security feature will make users feel safer as they will have full control over the data and maintain ownership.

Data breaches and cyber-attacks are occurring at a frequent pace which threatens an organization’s data and compromises their safety. Hence, here blockchain can find an application as it can leverage security and personal identification. For example, an online retailer needs to ensure a customer’s identity before making the sale, blockchain can fill in the gap with regulations and assures the retailer of the customer’s identity. Similarly, security is concerned when developing an app. Organizations are building apps on blockchain technology to increase cost savings and enhance security. Should properly be implemented, these apps will prevent cyber-attacks.

As blockchain can store data that cannot be erased, AI can augment its speed by using blockchain technology as AI has to go through bigger volumes of data. AI via blockchain will become faster and more reliable making it easier for AI to access Big Data. Blockchain can also make AI more coherent and understandable. When it comes to technologies such as AI and IoT, everything else is slowly integrating with these two technologies and so is blockchain. IoT devices similar to any device is vulnerable to attack, which makes it a prime reason to protect IoTs from attacks to safeguard the IoT networks.