Authentication and authorization have always been very crucial to digital transactions and today’s online business transactions are rapidly increasing as more and more people are purchasing products and services online.
Trust is becoming a key factor and it is very important that one internet user transfers a unique digital property in such a way to some other internet user so that the transfer is safe and secure.
Blockchain technology is growing in importance and various industries are exploring this revolutionary technology for their business.
Blockchain is a particular type of data structure or database where the data is built up or set in successive blocks. And each block of data contains a small piece of information that verifies the data of the previous block. This process makes it very difficult to modify or access any data in the block by any person who is unauthorized. This lessens the ability of an attacker to maliciously add any transactions on the network.
In this piece of writing, we will discuss about the most prominent industries where blockchain may be used to enhance data security.
Blockchain Technology Will Transform 8 Industries
1. Financial Institutions
Banks always continue to face security related challenges like identity theft, general security and unauthorized data access. Since the banks store money and also handle various transactions, providing secured records and cheaper means to transfer money is important.
Blockchain technology can rectify the situation with incorruptible ledgers and by injecting accuracy into the financial services system.
2. Healthcare Industry
This industry is always in need of a safe and secure system when it comes to storing and sharing the medical records and data.
Any potential fraud or error or even loss of records can create distrust among the patients and healthcare service providers.
Blockchain will help to securely store the medical records and help in the accurate transfer of document to authorized people. It will also help in authorization and identification of people.
3. Cryptocurrency Exchanges
This industry deals with trading on centralized exchanges and millions of dollars are stolen from such exchanges. It demands a secured solution to prevent such incidents from happening and blockchain comes up with decentralized exchanges and requires no third party involvement and keeps the coins safe in the hands of the holder.
4. Internet of Things
The IoT is another technology that is coming up fast with radical transformation and the system is facing potential security threats and transactional issues.
The number of processing that may take place is also unprecedented. Blockchain can meet the challenges of these problems and with no central system needed, it can make this heavy processing easier to handle and also secure the data in an encrypted format.
5. The supply Chain Industry
This is another crucial sector that faces varied challenges and most of them are concerned with effective supplying of products to the customers and rising costs.
The industry has to face various intractable obstacles and blockchain helps to register every step in the production process and also in the supply chain.
As products change hands from manufacturing to sales, the transactions can be easily documented in a decentralized record and this helps to reduce time delays, any manual errors and added costs.
6. Forecasting Industries
Another most important sector that has embraced the block chain technology is the research, analysis, and forecasting industry.
With accurate transaction records that support data analysis, and other forecasting operations, the targeted predictions and insights will be more accurate. Blockchain helps the users to forecast any events by predicting them correctly.
7. Education Industry
Academic credentials should always be verified and universally recognized. This involves that the data are secured safely and there is no tampering with it.
Deploying blockchain technology in education would help to streamline various verification procedures and reduce any fraudulent claims and also help in storing personal data safely.
8. Digital Identity Management
Digital storages are gaining much popularity for storing of data and it is also very fast and has a low impact on the environment. But when it comes to safety and security, numerous cyber-attacks have taken place and valuable personal data have been misused. Blockchain’s encrypted ledger offers a perfect solution to this shortcoming and the network helps both the individuals and companies to manage and control their identities thoroughly.
Based on expert reviews and market surveys, it is stated that the blockchain technology will help various industries to secure their transaction operations and also help save critical data, so that there is no unauthorized access to it.
Author Bio: Namrata is a digital marketing professional working with a tech software development company. She has knowledge of various technologies and latest digital trends and helps the company to strengthen their authority by publishing write-ups that are informative to the readers.