What is BlockChain?
BlockChain was created as the underlying technology for the cryptocurrency, Bitcoin. By creating a platform where transaction data was saved as a link in a chain, and then creating an identical copy of that data across a network of computer nodes who both record and verify that transaction, Bitcoin created an incredibly secure data repository. The network of computer nodes replaces the concept of a singular data repository (a database or data warehouse), creating numerous identical copies of a transaction that can be used to independently verify whether that transaction took place. What this ultimately means is that a vast network of identical, verifiable copies of a transaction exist, rather than 1 copy sitting in a database/data warehouse, creating an virtually incorruptible data repository.
If a hacker wants to target a single transaction in a BlockChain platform, they will need to target every single copy of that transaction across each computer node. In a traditional system, that hacker would need to target the single location housing the data (the database, server, or data warehouse) and any security layers that single point of entry has. In the BlockChain platform, this is exponentially more difficult, as each computer node has its own unique set of security protocols. The larger the network, the more difficult (if not impossible) it is to hack. This essentially allows for 3rd party verification entities (i.e. banks or financial institutions) to be circumvented.
How does BlockChain apply to my business?
BlockChain is synonymous with cryptocurrency, but has applications far beyond the initial design. In the simplest of terms, BlockChain is a storage and verification entity that can be used to highly secure and provide easy access to any type of data. Therefore, it can be utilized in any industry for any data storage and retrieval needs. Many industries are already beginning to adopt BlockChain into their technology environments. Below are a few examples of how different industries are utilizing BlockChain:
Cybersecurity: BlockChain based apps are being used to replace traditional IDs with digital identity verification. Other apps are replacing traditional login/password entry methods with digital authentication.
Healthcare: The CDC is using BlockChain apps to document infectious disease outbreaks around the world, and many healthcare providers, insurance companies, and hospitals are using BlockChain apps to manage patient records.
Finance: The finance industry has adopted BlockChain based “smart contracts” that automate contract terms and responsibilities.
Banking: BlockChain apps are being used to create “virtual wallets” that enable cryptocurrency to be stored, retrieved, and utilized.
Manufacturing: BlockChain apps are making it easier to track and prove supply chains, prototypes, and proofs of concept.
Charity: Many large-scale charities and not-for-profit entities are beginning to use BlockChain apps to track charitable donations.
Retail: New peer to peer retail, ride share, and travel service markets are being created on BlockChain platforms, some of which are integrating cryptocurrencies.
Media: Artists are using BlockChain apps to store recordings and track royalty usage and payments.
How can Astir Analytics help my business best utilize BlockChain?
Here at Astir Analytics, we are experts in cutting edge technologies, business intelligence, and big data. We work closely with our clients to help them better understand their technology needs, and can help your business understand how to best implement BlockChain into your operations, services, solutions, and products. We have extensive experience in the largest, most commonly used BlockChain technologies such as Ethereum and Hyperledger, and can help you build, implement, test, and manage custom BlockChain applications.