Whenever you think about the word Blockchain, the first thing you will think is cryptocurrencies or Bitcoin. It is because Bitcoin and cryptocurrencies are the ones that gave a boost to this technology into the world.
But blockchains are not only useful to those that work, mine, or trade with cryptocurrencies. With the correct application, blockchains have the potential to become an essential tool for everyone in their daily business.
What is a blockchain?
A blockchain is a digital ledger. Whenever there is a purchase online, the information of that transaction is saved and store in blocks. All this information is organized and codified, creating a solid structure of digital and chronological data.
Anyone interested in finding certain information could do it easily through the blockchains because of the time-stamps that they have. The blockchains are also decentralized and spread around the network. These interest features can be used for many applications today.
Why are the blockchains the next step in technology?
– It can’t be changed or modified: The information inside the blockchains, once they are formed, can’t be altered in anyway by no one. Not even the administrator or manager can change the information. This feature make blockchain secure and trustworthy.
– Public access: Everyone has access to the information, so they can find what they need in any moment and without special codes.
– It is decentralized: The data can be distributed around the network freely. When the information travels in this form it is called node.
– Peer-to-peer transactions: There is no need of a third person to make any kind of transaction or exchange, making safe transactions between the individuals. This feature is very valuable for traders, but it is also useful during bank transactions or other kind of data exchanges.
Blockchains in daily business
You may not be aware of it, but the technology of blockchains does affect your life every day. Great amounts of information travels digitally every second and there is no way to keep track of that manually. This information happens with every transaction, whether it is an online purchase or an exchange from one currency to another. With the features of blockchains, all those process become easy. Here are some applications for this technology:
– Medical Records: Some medical institutions, like clinics and pharmacies, are applying blockchain technology to manage the patients’ health records. These records are accessible to anyone related to the medical branch, and they are updated every time that the patient goes to a consult with its doctor, or if it has to go through an emergency.
Using blockchains, patients can feel safe that their personal information is confidential. It also makes it possible for the patient to look their records whenever they need it. Doctors and nurses can search for this information easily, and the data stays unaltered.
– Digital Supply Management: With blockchains, many tasks related to organization and distribution can be performed faster and better. Some mail companies are applying this technology to help them create a more complete database for the information of the customers, the directions, and other necessary information to help distribute their packages.
It also makes easier for the customers to be able to track their packages until they reach their destination. The mail companies can share the information, and the time looking for the data to locate the package is heavily reduced.
– Creating Digital Contracts: Thanks to the peer-to-peer feature of the blockchains, people can make contracts without the need of a third party to validate the contract. The information inside the contract can’t be altered, so both individuals on both sides of the contract can look at the statements, and agree only when both are sure that the terms are convenient.
The process is automatic, and the payment is inmediate. Everything happens in a secure space, and the individuals related to the contract can happily continue doing business together, creating a sense of reliability between them.
– Decentralized Storage: Some companies like Google and Microsoft have created a method to store all the information you upload on the web. It is called “cloud”, and it is very useful. But at the same time, these companies become the owners of the information, keeping control of their customers with it.
Blockchains are decentralized, which means that no corporation can own and use your personal information. The data belongs to you, and only you can decide what to do with it.
– Trustworthy Reviews: Today, the success of a company, a store, or a restaurant, depends of the number of reviews it can have. Positive reviews bring more customers and clients, which trust the information on the websites. However, some may try to modify the reviews to benefit them, or erase the negative reviews.
Using blockchains technology on these platforms will prevent these modifications, that way the information stays there unaltered, and the customers can be sure that the data is real.
The technology of the blockchains can help making transactions and sharing information something safe and fast. Blockchain has many features that are essential for anyone that has its personal information on the network, which is practically everyone in this era.
With these features, private data can’t be modified or erased, which prevents hacking and misuse of the information. It also allows people to have access to important information like their health records that they can share directly with the healthcare professionals. You can store images, archives, and other data on a digital cloud that doesn’t belong to a company, so that information is only yours to use.
It helps to make delicate transactions between two persons without the need of a third party to act as a mediator. The money goes directly from one person to another, and the transaction is inmediate. This feature prevents cons and robbery, the process is automatized and secure.
The application of this technology on more platforms will help to have a better-organized database that is useful to every kind of business and online data management.