Data security has been the buzz in the world of technology. Since most internet users are vulnerable to the phishing attacks and privacy breaches, securing networks has become a gigantic task. This is where blockchain technology can be counted upon. It is currently the tech in the news, known for keeping networks safe and secure. But, what exactly is blockchain?
- Secure Data Backup
Yes, it’s true that blockchain is used to buy bitcoins. But beyond cryptocurrency, the technology can be harnessed for secure backing up of data. Users can simply store their data on blockchain networks instead of storing them on cloud servers which are prone to hackers.
Another area where blockchain technology is predominantly used is the digital payments space. E-Payments cannot be imagined without blockchain. Possibly because the technology speeds up the process of transaction while eliminating the chances of payment fraud. Transactions that happen over blockchain networks are usually settled instantly without any hassle unlike banks which take much longer to initiate the fund transfer.
- Digital Identification systems
Digital identity has recently gained popularity around the world. As citizens continue to undergo an identity crisis globally, there have been talks of creating digital IDs for easy identification. Several companies like Microsoft are willing to develop infrastructure for blockchain-based digital systems. In India, discussions are still on for getting the world’s largest biometric system Aadhar on the blockchain network.
- Data sharing
If you’re wondering how blockchain works for sharing of data, allow us to explain. Companies can equip this technology in sharing data seamlessly by getting hold of the unused space in the marketplace. Data can be shared by securing the existing networks with blockchain.
Here’s yet another use of blockchain you probably didn’t know about. Given the unbreachable security it provides, blockchain can be effectively used in the voting process. Since the blocks in the network cannot be tampered with, voting can take place without any disruption.
These are a few instances where the use of blockchain is incorporated in practicality. That being said, blockchain technology can further be harnessed in various service areas and industries. Get to know more about its use in smart-enabled technology and integrated devices by calling us on 1800 102 3271 or by dropping us an email at email@example.com.