How Blockchain Technology Will Affect You

There are many questions regarding bitcoin and blockchain technology. Although not readily accepted by the mainstream, there are many questions as to what the technology entails and how it can prove beneficial in the evolution of cyber security.

Blockchain is a system developed in order to help stop data corruption, especially important as cyber crime is reaching epidemic levels.  The basic concept is based upon decentralizing the entire system to eliminate middlemen and possible points of vulnerabilities. BlockChain technology encrypts the data and then distributes it across a wide network, resulting in no single  individual holding the master keys of the central location. Stated simply, blockchain technology decentralizes the traditional system. Decentralization maximizes transparency by making it technologically impossible to alter or hide transactions. 

Here are some examples of how blockchain technology may increase efficiency and productivity in various important business sectors.

BlockChain Technology and Banking

BlockChain technology is both secure and completely transparent. Because of this, the exchange of money is made faster,  more efficient and more secure. Many reputable banks have begun the process of integrating blockchain technology into their system. The bank mandate will be to find a way to incorporate the transparency offered by blockchain into the required privacy of the banking system.

BlockChain and Cyber Security

In most criminal cyber activity,  perpetrators change the information, details and credentials after hacking the system is the primary goal. With the use of Blockchain technology,  the modification of the cryptographic structure would make unauthorized changes virtually impossible. By decentralizing the servers, intended and unintended human errors, hacking, and malware injection could be largely stopped. Centralized servers make criminal activities possible, but blockchain would offer protection for the data residing in the cloud.

IoT and BlockChain

IoT (the internet of things) creates a seamlessly networked world, with various products acting as the network carrier. Appliances and cars alike are transformed into modems which provide internet connectivity. As with other centralized systems, hackers gain the access to the “master key” and can create havoc across the network.  Blockchain technology can decentralize the data, spreading information across multiple points rather than permitting it to reside in a single point. As the IoT is becoming more prolific, Blockchain can help to eliminate potential risks, especially in public places.

BlockChain Technology and Healthcare

IT technology and managed services have revolutionized the healthcare sector, but there are still inherent challenges – primarily in regards to keeping the confidential patient data safe from prying eyes.  In recent ransomware attacks, significant healthcare provider data was  stolen, and providers were required to pay large ransom amounts in order to get their data released back to them. Blockchain will help to build a more efficient  and secure database, located  in the cloud or another offsite location. Access to this secured location would only be granted to doctors and patients, but no two would have access to the same data.

The possibilities of blockchain technology have yet to be completely explored. If you have questions regarding this or any other emerging technology, it is important to speak with an expert who can give you guidance. The professionals at Alliance IT have experience in all types of cyber security protections, cyber security tools, and productivity solutions. No matter the issue you are facing, call us today. Managed services may be the right answer for your organizational challenges and questions. IT can be complicated – let us explain your options.