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Leveraging Blockchain Across the Economy

By CIOReview | Tuesday, October 9, 2018

The blockchain technology is slowly becoming the new building blocks of business even at its nascent stage. As more and more organizations leverage the technology to secure data sharing capability, blockchain has become a reliable source of storing information. Introduced as the Bitcoin cryptocurrency, this pioneering decentralized ledger with multiple nodes encrypts the information uploaded in each block and only allows peer-to-peer data sharing to the approved individuals.

Today, blockchain is being levered by IoT vendors to not only secure data but also to increase the speed of data processing. Vendors can now store, process, and sell data in a single platform without any third-party meddling. Moreover, the renewable energy industry is the new contender to leverage blockchain. Cities such as Perth in Australia and Bangkok in Thailand are transforming the architecture of surplus energy trade. Upcoming blockchain companies in the energy sector are eliminating the middlemen, the power grid, and enabling the seller to directly sell surpluses to neighbors or other buyers in the market.

The trade finance market is also taking the initiative to move from a paper-based system to a more cost-effective and transparent solution that blockchain provides. The technology is being used to scale and record the end-to-end process of trading from the closing of an agreement to the completion of smart payments. Bad actors and trade fraud can be completely eliminated as the data transparency provided by blockchain would prevent participants from manipulating a trade.

Moreover, the healthcare industry can leverage the capability to encrypt confidential patient data and create permission level with specific passkeys and authorize access to only the individuals with the authentic password to view the data. This not only has the capability to prevent data breaches but also provides additional features such as the innate timestamp function for authorities to monitor patient progress.

The technology transcends the usefulness mentioned above by reducing processing downtime, track asset, and eliminating middlemen across the economy.

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