If you have never heard of the term “blockchain technology”, you are probably missing out on what many IT professionals are calling the Internet of tomorrow. There is no doubt you’ve heard of Bitcoin and cryptocurrency in general, but you may still not understand that cryptocurrency is based on blockchain technology. In fact, cryptocurrency is blockchain technology and that is how it all began.
Let’s Not Put the Cart Before the Horse
So then, before taking a look at the benefits, it would help to know a little about what exactly a blockchain is. You have undoubtedly heard the saying that you should never put all your eggs in one basket, and that pretty much sums up what a blockchain is. Quite simply, instead of storing databases all in one place, bits and pieces of it are scattered around the Web so that it is extremely difficult, if not impossible, to be hacked. Without going into all the details, it is sufficient to know that this particular storage solution automatically moves those bits around so that they are never in the same place and the entire network self-authenticates to keep those files secure, even while moving. So then, onto those benefits.
1. Security Surrounding Blockchain Technology
It would be pretty hard to get through a door if you didn’t know where that door was because it kept changing locations. This is why blockchain technology is so secure. Would-be hackers can’t breach what they can’t find! For the time being, cryptocurrency financial transactions are based on the blockchain, but it is highly likely that the Internet will also one day depend on this way of securing Cloud storage.
Of all the current technologies available to app developers who would like to implement cryptocurrency payments into their products, few are showing the same promise and potential as OPEN platform. OPEN platform is removing the need for familiarity with blockchain and cryptocurrency technology in order to implement the necessary payment infrastructure. This means that developers can begin to think about cryptocurrency payment infrastructure in the same way they think about processing fiat payments. OPEN platform is exactly the kind of revolutionary technology that many industry analysts and insider have long predicted and hoped for, but which has proven elusive until now.
2. Protection of Intellectual Property
At the current time, intellectual property is just as much at-risk as are financial databases. Imagine the implications for research and development! With blockchain technology, collaboration becomes easier because all files will be continually moving around and never stored in the same location twice. At least those files won’t be stored as they are in the same location twice. Think of it like you would that ‘magic trick’ of finding the coin under the cup. If the cups keep moving around, you never know which cup is going to cover that elusive coin. That’s actually blockchain technology in a nutshell.
3. Simultaneous Editing of Databases & Files
The other really powerful benefit of blockchain is in how files can be edited simultaneously. Consider for a moment a Cloud-based platform like Microsoft Office 360. It is designed in such a way as to only allow for one person editing at a time. It doesn’t allow multiple users to make changes to a document until one has saved the work, then others can add their bits.
Not only is blockchain more secure than current Cloud technology, but it also provides greater access for collaborative efforts. Then there is the fact that this technology allows peers to link and interact directly with one another so that digital payments become much easier and also much more affordable. There is no need to contract through a payment portal to send and receive payments.
From custom apps developed for your company to open apps which can be a collaborative effort, look for greater use of blockchain in the years ahead. Truly, it is the way of the future for the World Wide Web.