Decentralized technology has taken the world by storm over the last few years, with bold plans and initiatives taken by enterprises all across the globe to help develop the latest, groundbreaking technology, set to change the manner in which individuals and enterprises interact with one another both personally, legally and professionally. The ideas that push this technology center around an egalitarian, pro-consumer approach with huge benefits for security and nominal operational fees. Moreover, it is decentralized, which allows it to not be controlled by a single, central authority, which has been the case for many digital enterprises in spite of their contributions and functionality. As such, people are constantly making new innovations in this industry and it is easy to be swept away by the tide of information flooding publishing and reporting bodies about the trends, developments and future of decentralized technology. Two popular “buzzwords” are cryptocurrency and blockchain, and are very often mentioned in the same sentence to define the functioning of this growing industry, and what has been causing such a stir in the realm of technology.
Let us first look at ‘blockchain’, which is the primary innovation that started it all. It is a revolutionary take on data exchange and storage across international boundaries with a decentralized storage system wherein public records of exchanges are viewed by another connection on the network, who is able to further trace the origin of the data and thereby, verify its integrity across multiple exchanges. ‘Cryptocurrency’ however is the expansion of blockchain technology into digital financial services with the objective of utilizing decentralized currency as a means of exchange for assets, either digital or physical, thereby attaining a universal standard and presenting itself as an international alternative to the traditional financial system. Training in this aspect of the industry is also available as cryptocurrency specialist certifications grow in number across the world. Both these terms are relevant in any discussion about decentralized ledgers and how they are breaking grounds in the business environment, but it is important to note their distinction. Blockchain technology has been used as the primary framework for setting up cryptocurrencies like Bitcoin which aims to use the data exchanged as a secure, contained, variable value stored as a digital asset which can be exchanged internationally. While this explains the impact this technology has had on international trade, blockchain has huge implications for other aspects of business as well.
Healthcare is one of the most promising places for blockchain technology with essential medical records about the patient’s health and medical history can be made easily accessible to doctors who are not in the same institution or are geographically separated. Access to a public ledger that stores this information would be greatly beneficial to patients who may have the burden of maintaining extensive medical records to be lifted, without fear of misplacement or mismanagement. It is important for brands which aim to build consumer trust and loyalty through the implementation of secure processes to provide goods and services from remote locations. It is a cost effective approach toward maintaining user identity and information with huge security benefits and transparency toward company approach and activities. It is a definitive shift toward greater accountability to redirect and double down on company objectives to be able to manage large businesses with a cost effective approach.