The skepticism of blockchain

The skepticism of blockchain

This post is also available in: Español (Spanish)

Forbes has named 2020 “The Year of Digital at Scale”.  This is because as a result of COVID 19, millions of businesses and companies are migrating to the digital world to carry on their activities.  

Many are looking into integrating blockchain in their systems, such is the case of companies like Aion, Baidu, Citigroup, etc. However, blockchain still raises a lot of questions for new adopters.

Despite the advantages blockchain offers, many people are still skeptical about it and the benefits that digital technology could bring to their companies. Nowadays, there are many tools and apps that make digital business easier. But one of the most popular is blockchain.

Blockchain technology has been the center of many debates about the benefits it has and the difference it could make to several industries around the world. To comprehend this, we need to define what blockchain is and how it works. As its name says, it is a decentralized chain of blocks (or nodes) where information is stored in every nod.

All blocks are part of a sequence. Therefore, they are all verified and cannot be altered as this would affect the whole sequence. This technology has three main pillars that make it so unique and innovative. These are the pillars: security, transparency and the use of a decentralized system.

Despite the skepticism about blockchain, these are some of the companies that have already started to implement this technology in their day-to-day operations with great success.

The world of digital assets was the first industry to start using this technology and so far, the results have been very positive for its users. An example of this is a digital asset named Traxalt, which operates under this system.

It provides a new database system recorded on blockchain for more transparent and safe information. In addition to this, Traxalt also has a blockchain protocol that allows massive scale payments, inventory keeping, and supply management chain.

Another company that has started to apply this technology in its services is Medicalchain, specialized in the health care sector. This system allows the medical records of patients to be safely stored through the use of blockchain technology.

This way, doctors, hospitals, pharmacies, and laboratories will possess access to the patient’s medical history to fulfill its purpose and store the transactions made in the network. This is making patients feel more confident and the service can also be more effective.

IBM also started to work with this technology and for this, they have built a service called “IBM Blockchain”, which works as an online business where their clients can create secure blockchain networks for their personal use. This allows them to work with a secure network where their users can share information through the network with the confidence that only members of the chain will be able to see it and it cannot be altered once it has been submitted.

Finally, the voting process could improve considerably with the use of blockchain. The first example is Follow My Vote, where people are able to vote anonymously, without governments or entities knowing who voted for whom, and the confidence that it’s practically impossible to tamper a vote once it is casted.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to, CriptomonedaseICO.

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This post is also available in: Español (Spanish)


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