Blockchain: The New Crime Stopper is perhaps the century’s most revolutionary discovery. It began as a research project in 1991 to find a secure way of protecting timestamps of data strings, but became better known when used as a Bitcoin application in 2009. Bitcoin needed a safe way to record and retrieve customer account information through the use of reliable data timestamping. However, the more significant needs may be beyond cryptocurrency. Inventory, supply chain and medical databases, and more can benefit from this technology to improve security and reduce costs. Virtually any industry needing to record large database transactions is a candidate for this new technology. Also, our knowledge of Blockchain Technology will encourage us to steer corporate executives and decision makers to push the use of this technology. So hold on. This incredible find is about to take off.
I segmented this article into smaller chunks of information to describe what Blockchain is and the potential benefits to society. If that’s not enough, at the end, I list an number of ways we benefit and why we need to know about this stuff. Here are the topics I cover:
- What is Blockchain
- Applications for Blockchain
- Opportunity Cost to not Use the New Crime Stopper
- Change happens slowly, but Blockchain is gaining traction
- A personal view
- We need a more informed shopper
- George’s View
What is Blockchain
Blockchain is ideal for distributing digital transactions from a database to information blocks. Each block also includes a description of the previously connected block in the chain of blocks. Moreover, hundreds to thousands of peer-level computers or nodes record the same transactional information. The information is transparent. However, owner information is visible only to the owner of that record. A public-private key pair is required to see owner information. A no-match arises if an intruder tries to corrupt the information in a block. Thus, the corrupted node does not match the content of the other nodes, resulting in a rejection. And, data encryption eliminates the ability to modify or corrupt a block’s information; thus, making it virtually impossible for illegal changes to occur. Also, one would have to make an unlawful change to a majority of the peer-level computers in sub-second time. Again, this is very likely impossible.
Applications for Blockchain
The real strength of Blockchain is its ability to protect the correctness of transaction data. Thus, it’s easy to see why I describe Blockchain – The New Crime Stopper. Many suggested it is an excellent application for election voting. Product inventories, state identifications, homeowner Deeds, and health care Medical Information are other possibilities. Many people, including me, can’t wait for Blockchain to find its way to protecting Deeds. It’s scary knowing someone can steal your Deed without your knowledge.
Opportunity Cost to not Use the New Crime Stopper
Companies run on information, lots of it. And the faster the data flow and the less mistakes, the better. The Opportunity Cost to not implement Blockchain can be costly. In 2018 the State of West Virginia used Blockchain Technology to implement their voting process. The results were less time, less people needed to conduct, and better accuracy. Use of blockchain also produce transactions that are secure, private and efficient, which leads to cost saving. I believe, that once companies not using Blockchain realize the cost and security benefits of Blockchain, movement from current methods will motivate other companies to make the change.
Change happens slowly, but Blockchain is gaining traction
Trust is often the most significant deterrent when changing how we do business. Moreover, there is no scarier trust issue than new technology. New technology can be error-prone, especially when first deployed or integrated into a working system. For example, as cited above, the voting system’s success in West Virginia would compel other States to do the same. Yet, you always hear that some would like to continue with the more archaic methods they Trust. These views are often not supported by facts but rather a gut feeling. Several cryptocurrency companies are emerging that use some form of Blockchain Technology. For many, changes to our banking and financing methods are concerning. No one wants someone messing with their 401K or banking transactions.
However, health care, Supply Chain, and Inventory Management would be less dangerous areas to apply Blockchain. Nevertheless, we will see how this all turns out over time.
A personal view
From a personal point of view, anything that prevents my information from being misused couldn’t happen soon enough. We all have seen TV ads describing methods where thieves can access and steal your Deed. Also, access to medical records is a method to steal your identity. If you sit in the lobby of your doctor, dentist, or pharmacist, you can hear the receptionist ask patients their Names and Date of Birth to index into their medical records. This is most likely a violation of Healthcare Privacy rules. Indeed, there are more sophisticated and secure ways of providing this information, and not to have your private data heard by people surrounding you..
We need a more informed shopper
Most consumers will need to find out whether their companies, like medical, financial, or banking, use Blockchain. Unfortunately, most consumers never raise the issue. However, if more people asked their institutions to use Blockchain, it would help pull the technology through. So if the technology is right for us, ask your institutions about it. For example, I plan to ask the company that processed my Deed if they use Blockchain. And I’ll do the same with my doctor, financial advisor, and banker.
Evluate
George’s View – It’s been a pleasure bringing this information to you. The more we know of blockchain it allows us to, perhaps, shape the future of this emerging technology. It may also leads to career opportunities and entrepreneurships. And it invites discussion about its use now and in the future. Below is some food for thought.
- Understanding emerging technologies: Blockchain is a transformational and disruptive technology. As we discover its potential across industries, developers and computer scientist will find ways to implement the new functionality. And we all will be the beneficiaries.
- Possible Career Opportunities: Blockchain has created demand for those that have expertise in this field. By learning about blockchain, it opens opportunities to explore careers in blockchain development, consulting, project management, cybersecurity, finance, supply chain management, and more. Knowing about blockchain can give you a competitive edge in the marketplace.
- Enabling Innovation: Blockchain offers a platform to create innovative applications and business models. By understanding the core principles and capabilities of blockchain, one can identify new opportunities and leverage the technology to develop solutions to address real-world challenges.
- Exploring Potential Use: Having a good understanding of the working techniques of Blockchain can help in identifying areas where this technology can be applied to solve problems. Healthcare, voting systems and other fields, although they have gotten started, there is still opportunities to participate.
- Enhancing Subject Literacy and Transformation: Learning about blockchain enhances your understanding of distributed systems. It enables you to participate in conversations about the formation of this technology.
I hope this blog uncovered a topic of interest to you. Your feedback is appreciated. Complete the form to the right, and I’ll add you to the email list.
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