Credit: Influencive
Why the Buzz about Blockchain?
Blockchain Security
Security is always relative. Computer science experts view blockchain systems as considerably more secure than traditional computer networks. Blockchain systems are decentralized and protected by multiple layers of encryption, while traditional systems are centralized and the information stored inside their firewalls is rarely protected by encryption. Result: if you break into a node on a centralized system, you’ve hacked the entire system. If you break into a node on a decentralized blockchain system, you’ve hacked only that node and the remainder of the system will exclude the hacked node, so the data is protected.
Blockchain Flexibility
The use cases for blockchain technology encompass the entire business ecosystem. Any business process that requires multiple users, the exchange of information, tracking business flows, or the ability to audit and assure data integrity will be improved by blockchain.
Some Industry Examples
Lending
Making more credit available from non-traditional lenders
Tokenizing assets to make them available to lenders
Real estate
Record systems for Deed and Titles
Sales listings
Completion of purchase and sale transactions
Smart contracts
Logistics
Tracking inventory
Auditing sales
Government and law
Maintaining and accessing databases (e.g., corporate registrations, UCC filings)
Smart contracts