Is Blockchain Still a Big Deal? (It Sure Is)

It seemed that, not so long ago, everything was going to be associated in some way to blockchain and blockchain technology. All online transactions and data were going to use the blockchain for security. However, as 2020 has provided some very effective distractions from the thought of blockchain, it seems to have slipped from the public consciousness. Let’s look at how blockchain is still being used today to drive innovation as a quick reminder.

Defining Blockchain

Blockchain, very simply put, is a technology that uses a distributed ledger system to provide the highest data security we currently have available, while proving to be exceptionally transparent and reliable. Despite our collective attention going elsewhere, blockchain has powered hundreds of startups and served as the foundation of numerous applications in financial services, law enforcement, real estate, insurance, supply chain management, along with many other industries.

More than just another cybersecurity precaution, blockchain has appeared in many highly practical and innovative ways. With more reliable information, a process can be optimized to be less wasteful. Just consider supply chain management: with more transparency, a business can enjoy the boosted operations a more efficient supply chain provides. As a result, this business can also make more accurate predictions and budget their capital accordingly.

How Blockchain in Used in Different Industries

Let’s consider how different industries have adopted blockchain into their operations to give themselves an advantage.

Healthcare

The healthcare industry has jumped into blockchain technology, with some hospitals adopting it to help secure their patient data. Healthcare organizations need to find a balance between protecting this sensitive information while simultaneously making it available to the physicians and other medical professionals who need it. Blockchain allows for this through its transparent incorruptibility and privacy. Patient health data, insurance information, and more can all be safely shared through a decentralized blockchain network.

Finance

Analysts have kept their eye on the banking industry, as blockchain technology seems to be perfectly suited for the environment. With transactions that need to be kept secure, but also transparent, blockchain can breathe some fresh air into an industry that has remained pretty consistent over the past 50 years of technological advancement. Blockchain now powers smart transactions, capable of transferring funds much faster than anything that came before, and financial technology (FinTech) organizations are working on revolutionary financial tools and products.

Cybersecurity

Naturally, blockchain is also applicable to the cybersecurity industry, with new products that create better and more secure ways for people to store their sensitive information. This is all due to the decentralized nature of the blockchain, and the fact that cybercriminals have far less to gain by attacking a single location. The built-in encryption that blockchain offers is another reason that it has become a very sensible option for access control and general data confidentiality.

While there may not currently be any blockchain apps out there for a user to use practically, the technology has already been adopted in more ways than you might think. To learn more about data security through the blockchain (and other cybersecurity tools that Ferrum Technology Services can offer) reach out to our team of professionals. We can help you and your team gain a greater understanding of your cybersecurity, and how to keep your business safe.

Give us a call at (847) 697-3282 to learn more.