The new sensation of today’s era, Blockchain technology. Although the Bitcoin sometime faces bump but comes on its progressive track again. A tool which is used widely and provides a variety of advanced tech solution that has increased its importance. That is the reason many bureaucrats believe that blockchain should be included in the curriculum.
It may seem complicated for the newbies but once you get into it, it will make you comfortable with itself. Following are the reasons why blockchain has created so much hype across the world:
It’s obvious that every second company is searching a better-innovated version of the blockchain and to unveil the next stage such that they can excel in the market. Knowledge in this particular field can lead a person from zero to hero level.
Blockchain technology has integrated many technologies and their respective fields which means the companies have the chance to explore more and grow in technology terms (not particularly). Hence, results into increase in the skill set of a normal employee to adjust in a continuous changing crypto market. Along with that, the numerous opportunities come along this significantly extends the skill set of an employee.
In the present scenario, to become market ready the user/person should be capable enough to fill the gap by acknowledging the blockchain and its unique features.
We are continuously focussing on the benefits of blockchain but have you thought where and how is it so useful? Let’s talk about that with applications in various sectors.
Here, we are majorly concentrating on the blockchain’s distinctive quality in the communication industry. Also, there’s a reason why I have taken this sector only as it is one the sector which faces data breach in the highest number of times. And Blockchain can break this monopoly and smoothen the process by economic growth.
Blockchain and Data Security
The communication industry and centralised social media are prone to data breaches. If we see the latest example, the recent data scandal of Facebook in which about 1.5 million users faced the data breach. The users’ accounts were opened without their consent and this whole scenario came into limelight when a security researcher checked the facebook login is asking for the password again from a signed up user in the platform.
These type of scenario has proven that centralised apps are vulnerable in handling the users’ private information. It is because of the data handling servers are usually based on the limited geographically-centralised locations. Once the hackers enter into the security loopholes they break the entire network and capture every detail of the users basically, these are personally-identifiable information (PII).
While in the D-tex version is like a social media network such as Facebook where the users are comfortable with the timelines posting. In the blockchain based apps, the data is validated, relayed and stored on the P2P network that comprises of nodes which are spread across the globe that can be operated by multiple users at the same time.
Blockchain and Cloud Communication
A large amount of data is continuously shared through the network and it all depends on the IOT, Smart devices AR/VR and autonomous vehicles. So, compared with the 4G networks the applications require a high-definition VR. This means it definitely needs strong and more servers that can deluge the data with less latency.
Therefore, with the help of Blockchain, the problems can be sorted out. It enables peer-to-peer network that is very much similar to the decentralised version of Amazon Web Services. The service makes an individual or the group to share the same server and bandwidth for the app development. The blockchain mechanism measures the rewards and nodes contribution which a centralised infrastructure can never be able to provide.
Moreover, decentralised cloud communication network has eliminated all the hidden processes which were done by any of centralised intermediaries. In its own terms, unique services are confined as per service standard and the pricing rules that are set by the centralised governing entity. A smart contract enables information submission to the services which are required. On the basis of requirement, the right service is provided to the app developers for the execution.
Blockchain and IOT
The upbringing of IOT made machines more advanced in terms of technical capabilities like ordering of food and collection of food via automated drive. The process doesn’t require any type of third-party payment apps and tangible cash or the credit card. The process is completed in-between the two mediums that are connected and the data is shared.
It’s obvious, to handle this much information we required a top-class model. To integrate things and make them adaptable to IoT the designers built a wireless connection that is driven through Bluetooth device. The next big hurdle which manufacturers faced was to make all these things work at a cheaper cost.
Apparently, Blockchain has reduced the cost significantly and speed up the process. Blockchain-based cloud communication network makes the IoT device smarter. It has made the manufacturer-independent of the fundamental server and the other applications. In addition to that, it has removed all the worry which companies were facing related to data security. As the devices which are integrated with blockchain will be able to communicate with each other without the need of any other device. Since the devices adopt the consensus mechanism.
Though Blockchain is not a remedy for all the problems faced by the companies surely it has subtracted many of them. Blockchain has unleashed the potential of companies for disruptive innovations. Hence, we can say that the blockchain and power of decentralisation can play a vital role in strengthening the security walls, interconnectivity and resource sharing.