Checking In on Blockchain

It's easy to see why Blockchain is one of the most popular emerging technologies. While the technology behind blockchain was once viewed as having no feasible application in the workplace, it is now taking a seat front and center as a security instrument for a today's business environment. What’s new in the world of blockchain? We'll take a look below.

A Reminder of What Blockchain Does

Blockchain is a decentralized ledger system that records information for all transactions on permanent, specific blocks. Any block that exists on a blockchain represents a change to the overlying information on the chain, meaning that any change to a block’s data would corrupt and break the entire chain. Developers can take advantage of this to generate opportunities for data security, smart contracts, and other reasons.

It’s also worth noting that blockchain is the technology that makes cryptocurrency like Bitcoin work as intended. Blockchain has also produced a method for some of the biggest venture capitalist firms in the world to spend billions of dollars in funding on these organizations. This kind of involvement by major investors has provided a clear path to being more than just a fringe alternative to digital currency, paving the way for more research and ambitious ideas.

Innovative Uses for Blockchain

There are many new ways people are trying to utilize blockchain technology. They include:

• Payment systems
• Smart contracts (including real estate and vehicle title transfers)
• Supply-chain management
• Loyalty rewards programs
• Authentication
• Medical record keeping
• Data sharing
• Wills and inheritances
• Intellectual property management
• Online voting
• Tax regulation and compliance
• Weapons and prescription drug tracking
• Labor rights management
• Internet of Things network management
• And more

With such a substantial increase in the ways blockchain is used, many companies are trying to implement it to resolve operational problems. Thus, we want you to take a moment to think about how the blockchain could solve some of your issues. Naturally, you should ask this question about any service or solution you implement, and you’ll want to discuss this with trusted IT experts. Macro Systems can provide you with that pillar of support. To learn more, reach out to us at 703-359-9211.