When one thinks of all the technological advancements that have risen from the ground up in the wake of the growth of the digital era, it goes without saying that there are almost a comial amount of them out there. In fact, one could even say that the dedication to these innovations has been so overwhelming that it is impossible to count them all. And indeed, that statement is the truth. The modern world as we know it is filled to the brim with the advancements and implementations of technological advancement and profound digital innovation. We have created the world to be as it is today, and, yet we continue to marvel in awe at the fact that this is our reality now. And then, of course, is the awareness that this is a (still relatively fresh) era that is only going to continue going from strength to strength as time goes on. Each technological advancement to date has had its own unique impact on the world, and each advancement is worth its weight in gold. While some of these advancements are more significant than others in terms of international reach and overall success of positive influence, that does not make them any less legitimate than one another.
Without a doubt, blockchain is one of the most profoundly impactful technological advancements in the entire world. The decentralized nature of blockchain makes it a perfect privacy and security application across the board. Blockchain works by essentially stringing together “blocks” (i.e. new information” in a chain effect that runs through the virtual landscape. As each new block is successfully added to the chain, it is encrypted, making it secure. New blocks are approved or rejected based on a network of different devices that each perform authenticity checks to determine if the proposed information is indeed legitimate. If it is, a new block is added to the chain. If even one device cannot authenticate the proposed information, on the other hand, then that information is rejected from the blockchain, making it impossible to fabricate information and have it successfully added onto a blockchain. Truly, blockchain provides one of the most foolproof protective measures out there today.
The more data that is entered into the worldwide web’s ever-expanding landscape, the more important it becomes to make sure that privacy and security are being upheld to the highest standards. While of course there is an understanding that participating in the online landscape poses a chance of personal or otherwise sensitive information being infiltrated and stolen, for the most part, we have (frighteningly) become used to the ease of access that online activity provides us. Comfort and familiarity do not equate with privacy and security, and so blockchain plays a role that is more important than ever in ensuring that the privacy and security of online users is protected and preserved to the best of their ability. Blockchain is a multitool in the digital era, and it is a multitool that is worth its weight in gold – and then some. The sheer influence and power of blockchain has never been this prominent or widely felt around the globe. This is the start of a new era in blockchain.
Blockchain technology applications extend beyond digital currency. This was the exposure most people have gotten from recent blockchain developments. However, a permanent indisputable ledger of transactions, documents or any number of valuable pieces of information is beginning to underpin the adoption of blockchain in new more compelling ways. In universities, for example, it might be the norm for institutions to use blockchain technology in tracking, verifying and distributing ownership of qualifications. This solves a huge problem. Largely, certifications are expensive to obtain but fairly easy to replicate, forge or defraud. The onus is on employers to do the necessary investigative background checks to verify that candidates are indeed the genuine certificate holder and that the attained qualification level is accurate. This often requires checking with the institution which builds a frustrating lag in the interview process. Students spend thousands on school fees, living expenses. They work hard, attending lectures, getting assignment help and diligently completing their dissertations and projects only to find that their attainment is rewarded with a piece of paper. It has their name on it, but is it hard to claim you are alumni from an institution and slip through checks? No. This is where blockchain could be extremely useful to name just one example.
Initially, blockchain was designed and wholeheartedly intended to be the privacy and security framework that ran underneath leading cryptocurrency, Bitcoin (to get an understanding of how the original model behind blockchain functions. However, over time, blockchain proved its value time and again and was eventually considered for other applications. From the finance industry to the security industry and every possible point in between and beyond, blockchain has well and truly proven its value time and again. Today, blockchain is definitively here to stay, and what is more, is that blockchain is only going to continue propelling itself from strength to strength all the time. Considering the amount of data that is added into the virtual landscape every day, thank goodness for that.
The modern world that we are currently navigating our way through is one that is paved to the edges with digitalization and technological advancements. All of these technological advancements are of course valuable in their own right. Of all of these advancements, the most prolifically widespread is definitely blockchain. Originally intended to be utilized solely as the operational framework in privacy and security for leading cryptocurrency Bitcoin, blockchain was quickly recognized as a potential leading strategy for privacy and security in other aspects – including, of course, the finance industry and the security industry. Today, blockchain plays a key instrumental role in the ongoing efforts to protect and secure user activity across the global landscape of the internet, in various ways. Blockchain is well and truly here to stay, and the reality is that it should be.