Is Blockchain Technology the Future?

By Roger Murray | May 3rd, 2017

Blockchain is one of the hottest technologies right now.  Its being marketed as one of the most secure database technologies for data-storage & file-sharing available.  Blockchain skyrocketed to notoriety after its technology being used to protect Bitcoin.

Nowadays, you’ll find that Blockchain has moved far beyond just cryptocurrency exchange. In fact, it has garnered the attention from many traditional financial services, such as Goldman Sachs and Bank of America.

You’ll also find some nontraditional applications of Blockchain’s distributed database technology within the healthcare sector.  For example, The Department of Health & Human Services recently solicited Blockchain to learn ways they could utilize the shared ledger method to protect the increasingly complex world of digital health records.

The Basics

Blockchain is designed to keep track of all transactions through a distributed database.  Commonly dubbed a distributed ledger. The basic premise is:  When any transaction occurs or a change is made, it is recorded into a database where a network of people can store and access it.  Once information is added, it cannot be erased.  No one can alter the database without their change being seen by everyone else who is on the network.  The transparency acts as a preventative tool against fraudulent activity.

The distributed component of Blockchain’s offering remains one of the largest selling points. Essentially, the organization’s information is spread across a vast decentralized network.  Because there is no single database to exploit, nor dedicated authority figure with complete control over the stored information, potential hackers are met with insurmountable obstacles.

Looking Toward the Future

As Blockchain technology receives higher adoption rates through enterprise-level organizations, it will become more affordable and trickle down to SMBs looking for the best security offerings in the marketplace.

There are already a few examples of community-based platforms being made available for developers.  Blockstack for example, is a platform for developers to build server-less decentralized apps.  There’s also small-scale projects like Storj, community-based data storage solution providing end-to-end encryption through a distributed ledger database.

One thing is for certain, Bitcoin was only the beginning.  Blockchain’s technology can be applied to almost anything, they’ve received inquiries from a multitude of different industries who want next level protection, and received backing from organizations with deep-pockets.  Our prediction is the term Blockchain will be a household name in the not too distant future.

 

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