How Blockchain Technology Provides More Than Just A Currency

Blockchain technology is becoming well-known as the network which provides the basis of cryptocurrencies such as Bitcoin, Ethereum and more.

14:51 05 March 2018

While blockchain technology is providing new opportunities with users being able to partake in online Bitcoin gambling safely, and purchase various goods online with the cryptocurrency, there are a great number of other opportunities which blockchain technology can provide. 

 

Smart Home Technology Integration

 

As the Internet of Things continues to grow, its impact on our everyday lives is becoming more and more influential. As we are beginning to install the likes of intelligent thermostats, lighting which can be controlled by a smart interface, and even smart washing machines and other white appliances, there are numerous opportunities for hackers to start playing with our homes’ appliances and security. General cloud-based connections can be particularly vulnerable to attacks, with unencrypted communication and improper authentication processes generally being the cause for problems caused by smart technology. 

This is where blockchain technology comes in. Blockchain is beginning to elevate home security and smart home automation by providing a number of new safety processes for IoT to push through. The anonymity and the verification processes involved in the blockchain network means that smart home technology can be more secure than ever before. 

 

Healthcare

 

One of the key components of blockchain technology is the universal record that it can provide, and this can be revolutionary in the world of healthcare. All too often, medical records end up missing, or are needing to be transferred from doctors and hospitals around the world, resulting in a potential breach of patient confidentiality and data protection. Blockchain technology can provide a timestamped library of sorts, which can be accessed across the globe by those with permission, quickly and efficiently. This type of health system would dramatically outshine the current systems in place which are already struggling to manage with the volumes of data which they are having to cope with. 

 

Decentralisation Of The Entire Web

 

The majority of the web is owned by or built by two parties – Google and Facebook. As a result, people can be tracked at every stage of their web journey, with their personal data, location and identity at risk. The decentralisation of the blockchain network could provide a whole new platform, which can protect a web user’s identity at all times. This will also help to ensure that funds are distributed appropriately, in accordance to what visitors are viewing, reading or watching, as opposed to numerous contributions being made to the two web giants. This transparent entity can help to protect the user when on the internet and make the entire process more profitable for those who are using the internet as a main income source. 

Blockchain technology is revolutionary, not just in the gambling industry or financial world, but across the board. The implementation of this transparent and fair technology can help to improve the services that businesses are providing their consumers, while helping to cut merchant and consumer costs, alongside many other benefits. Quite simply, blockchain technology can offer much more than just a currency.