How Blockchain Is Transforming the Prospect of Digital Information
How Blockchain Is Transforming the Prospect of Digital Information
Blockchain has the potential to transform the way we handle digital information.
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When discussing the transformation of digital information, talk of blockchain and Bitcoin springs to mind. Blockchain has moved on to have a more pervasive influence on digital technologies in diverse sectors. A reason why it is proving to be transformational is the technology itself. The block, or list of transactions in a ledger, links to another block through a secure hash algorithm that generates the hash function and these blockchains in a node containing all records reside in a network that spans the world. The beauty of this technology is that it is secure and safe. It permits transactions between two parties who do not trust each other, without the need of an intermediary agency in a peer-to-peer transaction that is permanent and unalterable. This can be of immense use in digital information and transformation.
Life Is Digital
From private transactions to government and business processes, digital is everywhere. In this great age of digital information that governments and enterprises, as well as individuals, derive through digital technology, the crucial aspect is the security of information. Trust, privacy, and security are challenges in digital information that the secure blockchain technology handles with ease. Businesses operate in a chain with intermediaries providing some services. Blockchain facilitates transformation and, therefore, digital information by working around middlemen to provide better security in a direct transaction. One situation that comes to mind is entering into a buy or sell agreement of shares or real estate assets. In such instances, there is a middle agency involved in the case of shares and a broker for real estate. Then again, the transaction must go through a bank, and when transactions include multiple third parties, the matter of secrecy is affected.
Multiple transactions may have individual digital signatures that can be combined into a single fingerprint that can be stored in a blockchain accessible to participants. Managing and monitoring the integrity of asset or transaction is easy and, if a change is necessary, a new digital fingerprint can be generated and validated. Decentralized and distributed ledgers with IoT bring about a change in processes. IoT, the way it is, happens to be vulnerable to attacks and data breaches. Hijackers have been known to disable cars remotely and control implants. Home-based systems are a rich source of data that can easily be tapped into since there is no secure system of authentication and connection. Introducing blockchain brings up a layer of security that hackers find hard to crack. Central point control is avoided and machines record transactions without any human intervention. Contracts can be executed with blockchain-enabled IoT, with a contract expiring automatically on satisfying certain conditions.
Secure Data, Targeted Marketing
Blockchain permits users to opt-in, knowing their data is safe, and marketers can leverage this technology to only deliver ads and content as the subscribers permit. This transforms the advertising landscape in that it reduces wasteful ad spends and improves rates of conversion. Furthermore, by rewarding opt-in customers with tokens, marketers build trust and get more subscribers. Marketers also benefit in that blockchain technology prevents advertising fraud that can cost as much as fifty percent of their budgets. This technology can prevent any fraudulent activity as well as detect attempts. Digital information becomes transparent for advertisers and consumers when media buying and deployment are shifted to the blockchain process. Some prime examples of blockchain-based advertising applications include Qchain, AdHive, AdEx, and Native Video Box. Blockchain is peer-to-peer and it cuts out intermediaries, as in payment and share transactions, and thus, it results in lowered advertising costs.
It extends to the SEO realm where this technology guarantees the authenticity of inbound traffic. Implemented in tandem with a tokenized marketing program, it would help marketers track customers at an individual level. Furthermore, blockchain will help marketers run multiple incentive schemes but manage it all from a central platform. One notable application is in search engine marketing. Search engines sit in the middle in the normal PPC programs. Blockchain creates trust and validates clicks, eliminates the search engines, and connects the website owner with an advertiser. Blockchain impacts other SEO activities such as link building, helping search engines to detect bought links.
IoT, Security, and Interoperability
IoT is a mine of information. Unfortunately, it is plagued with security issues since hackers can easily tap into IP data. Then, there are issues of interoperability. Everyone uses a different platform or software and data cannot be shared with ease. Blockchain permits secure information sharing. While blockchain technology is yet to mature into a single open source platform, work is underway. In the future, it may be possible to see a unified blockchain structure that permits interoperability and secure information sharing. Healthcare, insurance, banking, and e-commerce are subject to laws about data validation and security. All such issues are taken care of when blockchain is in use.
For example, healthcare is one area where security is a prime concern. Estonia implemented blockchain in 2012 to secure healthcare data, and its entire billing is based on blockchain and prescription information is digital. Yet, another case is a situation in which patient data must be shared with several healthcare providers. Such doctors may have access to blockchains containing patient data with the patient’s consent.
Consider border patrol cameras as IoT devices. In this area, a leading blockchain company obtained a grant from the US Department of Homeland Security to test border patrol cameras and sensors based on blockchain technologies.
Blockchain for Creative People
It is not just business and governance that will see a change through blockchain. Individual creative people need to go through intermediaries to sell or publish their work and lose a handsome part of revenues. Their creation can be implemented in a blockchain and offered on a P2P basis, getting them more value.
Artists and IP creators can get more value through blockchain technology utilization. In the past, for example, music artists had to pay music companies. Artists have to pay middlemen. Today, Spotify and Youtube are in the middle of the value chain. Blockchain-based transactions would help creative people get better returns and higher volumes.
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