Most industry experts have been implementing Blockchain technology to leverage their internal architecture as the technology has the potential to transform every aspect of technological society from financial transactions to supply chain. The technology market was $317 million in 2015 and is expected to grow more in the coming years due to its emerging features.
Mentioned below are 10 things you didn’t know about blockchain technology:
IBM and Alibaba are the two leading companies in terms of blockchain-related patents. Alibaba has registered 90 blockchain-based patents, following by IBM with 89 patents as of the end of August. Both companies have seen the potential in Blockchain to monitor and secure computer network systems.
Smart Contracts in Blockchain
Smart contracts are lines of code stored on a blockchain which control the transfer of digital assets under certain conditions. They define the rules and penalties related to those conditions. They address the very core of Contract Lifecycle Management (CLM) in order to minimize associated risk factors and to improve business compliance.
Securing IoT With Blockchain
By implementing Blockchain, it is possible to settle scalability, reliability and privacy concerns in IoT. The technology provides secure and trustable messaging devices in an IoT network. It can keep an immutable record of smart devices in the network.
Types of Blockchains
There are two types of Blockchain viz., Private and Public Blockchains. A private blockchain allows certain entities to create their new transactions. In a public blockchain, everyone is allowed to be part of it. Both blockchains work in the same way. The only difference is who is given permission to participate.
Transactions Without Intermediaries
Blockchain allows participants to transfer digital assets directly among themselves without the involvement of third parties like banks, brokers and governments. It is impossible to manipulate a record of transactions as each block is encrypted strongly in Blockchain.
Blockchain technology has the potential to prevent identity theft. Microsoft has partnered with Accenture to build a Blockchain-based Identification project known as ID2020 for United Nations. It aims to provide a legal identification to more than 1 billion people across the globe. It is especially designed for refugees with no official paperwork.
Walmart has collaborated with IBM to use Blockchain in order to track their food business. The aim is to determine issues involved with food recalls. The technology makes the food tracking process more traceable, transparent and digital.
Blockchain offers distributed generation an opportunity to trade energy with consumers through the peer-to-peer process. The technology will enable producers to record and store the energy data that include market prices, fuel prices, energy law compliance and marginal costs.
The blockchain is used to record and store patient data in a secure way. The integrity of the data is maintained as it is unalterable. It is used to track the movement of drugs from manufacturing to endpoints in the supply chain. It is also used in clinical trials to find better ways to prevent, diagnose and treat diseases.
Shipping industries like Maersk and Liner Shipping are using Blockchain technology in order to manage and track their shipping transactions. It reduces the amount of paper documentation and provides a greater transparency and accuracy of information.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]