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Problems That Blockchain Can Resolve
There is so much buzz about Blockchain. It is primarily because Blockchain offers a solution to many problems that the conventional system suffers. In this article, we bring you closer to some of these problems and how Blockchain can solve these problems.
Quick Snap at Blockchain
To sum in simple words, Blockchain is a digital ledger where every information finds an entry as blocks and is time-stamped. Every block or information is encrypted cryptographically. This works on peer-to-peer networks wherein there is no centralized authority controlling the transactions. It removes intermediary interference that eventually leads to more payment in the form of fees or processing charges, validation, etc.
Blockchain introduces to our transparency of the system, faster transaction, immutability, and provenance. All this has made Blcockhain a technology that has emerged a solution to a lot of many problmes prevailing in the conventional system.
The rise of Blockchain takes us back to 2008 when the world got to know about Bitcoin. Blockchain was the underlying technology ...
... of Bitcoin, but later it emerged to be a mainstream technology that found applications across different business niches. One of the critical factors that make Blockchain such an inevitable technology is its security of data.
The rise of Blockchain technology is not merely limited to its application in the industry, but it has also paved the way for a lot of job opportunities. If you wish to pursue a lucrative career option, then you must start investing in learning Blockchain.
Four problems which Blockchain can solve:
1. Lack of transparency in supply chain management- One of the key problems surrounding supply chain management is transparency and higher cost. A seamlessly working supply chain management is the key to a successful business. However, the conventional system suffers from problems like transparency, tracking of data, etc. With Blockchain's help, we can expect the system to be more transparent and easier to track.
2. Identity theft issue- Well, this is a criminal act. In this case, the imposter takes all the personal information of the person like SSN or social security number or passer number, etc.
3. Recordkeeping in the healthcare sector- Another sector that is currently suffering from problems in the healthcare segment. In this segment, healthcare professionals have to deal with a lot of data like personal information, healthcare details, medication, prescriptions, treatments, etc. Currently, all this information is scattered, and also difficult to access.
4. Copyright and privacy issue- This is also a big problem surrounding the media industry. Most of the content creators don't get their right dues, and many have to face the tussle of piracy
How will Blockchain solve this issue-?
Blockchain is eyed as a probable solution for a lot of many problems. Key features of Blockchain like immutability, transparency, provenance, and data security makes it a solution to the bottleneck surrounding the current industry.
1. Supply chain- So, let's try to find the answer to the problem area in the supply chain system. Complex recordkeeping and tracking of products can be easily simplified using Blockchain technology. It lets you produce a less corruptible alternative to the centralized database.
Provenance is the key feature of Blockchain technology; it helps you easily track the data. In addition to simplified tracking can also encounter the problem of fraudulent entry. Besides, real-time monitoring of the product allows you to trace the history of the product. Thus, overcoming the probability of any errors.
2. Identity theft- Another potential of Blockchain is in preventing identity theft. Blockchain brings additional data security where you don't have to worry about data being hacked or altered. With the help of Blockchain technology, you can easily secure the data as it gets encrypted cryptographically. Thus we can say that Blockchain offers a reliable and unique solution to the management of identity theft.
3. Protecting patients record- One of the key uses of Blockchain technology is in the healthcare sector. Healthcare professionals have to take care of a lot of information in the form of the patient's healthcare records, data, and personal information. While the current system is highly responsive, but it is prone to attack and data tampering. Moreover, the conventional system is centralized, which makes it more vulnerable to attacks. But, with Blockchain, we can easily overcome all these problems. Blockchain is a decentralized platform offering complete data protection. Moreover, this data is easily accessible to the people in the network. This will make data exchange easier and simplified.
4. Prevents piracy and copyright issues- Yes, Blockchain offers the complete data security of data. Piracy is one of the biggest concerns surrounding the media industry, but with the Blockchain system, the creators are assured that they get the right value for their work. Moreover, their content is also safe. Transparent, real-time tracking ensures that you get easy access to all the information.
The potential that Blockchain technology holds is immense, and it is the next big thing. More and more industries are now adopting Blockchain technology and trying to implement the same in their business operations. The sole objective is to overcome the problems that are currently surprising the system and also provide the best value to the customers. Blockchain use cases are immense, and you can find its application in different industries like real estate, healthcare, charity, government agencies, education, etc.
This is a quickly growing field, which is sure to become a leading technology. There is going to be a higher demand for Blockchain professionals in the times to come. If you are also willing to make a career in this field, then there is no better time than starting today.
To know more about Blockchain technology and Blockchain certification, connect with Blockchain Council today.
Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/
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