A lot has been said about blockchain technology and its potential to transform business. The technology has been applauded in its application in cryptocurrencies, supply chain management and cyber security.
What a lot of people would be excited to know is that, the benefits of blockchain is not restricted to money issues. Blockchain also has the potential to make our daily life easier. Some of the areas where the novel technology is finding useful application are listed as follows:
Secure Cloud Storage
Without access to cloud storage, the modern business world would struggle to function. This is not only limited to business owners. Smartphone owners and individuals are becoming entirely accustomed to simply being able to drag and drop files into cloud folders and retrieve them from any device, platform, or location.
As cloud storage becomes more secure and more affordable, more companies and individuals are joining the bandwagon, storing their photos and videos in the cloud while corporations move their critical files to cloud storage.
Traditional cloud storage has some setbacks, because cloud storage servers are typically numerous and equipped with backup systems to avoid extended downtime, they are created and maintained by singular entities, once a company responsible for a cloud storage service is taken down, the service is lost. Blockchain technology hopes to solve this issue and make cloud storage safer, more secure, and hack-resistant.
Precious Stone Trading and Logistics
Precious stone trading is a huge enterprise with lots of questionable behavior. Issues like theft, exploitation of the miners, counterfeiting, insurance fraud, and ethical sourcing are all expensive, hard-to-verify problems in the industry. However, since 2015, diamonds purchased may already be listed on Everledger’s blockchain along with over a million others.
The Everledger company uses more than forty pieces of metadata and high-resolution photography to identify diamonds and track their movements through the blockchain. Immediately a diamond is marked as “blood diamond” or has been reported stolen, a simple blockchain check will show its past. This will bring a turnaround in the gem trade and enable transparency.
Identity theft is turning out to be a major concern in this era when so much personal details are accessible online. Because we protect accounts with personal details and store vital documents in the cloud with weak passwords, it becomes easy for spiteful and dishonest people to find all the data they need to cause irrevocable harm to the average internet user’s life.
To curtail this widespread lack of security, important actions that require meaningful identity verification like physical evidence are used. This approach is usually rigorous through needing proof to be mailed, reviewed, and safely returned. This is the reason companies are working on using blockchain technology to decentralize proof of identity, guaranteeing that there’s no single point of failure and no malicious being will take unilateral action to compromise stored data.
Human Resource Management
Human resources professionals are usually involved in planning, directing and coordinating the recruitment, interview and hiring of new staff. They make consultations with top executives on strategic planning and often handle employee-relations duties as well as those tied to compensation, benefits and training. A great deal of technology is behind these tasks.
According to the Society for Human Resource Management, blockchain technology is expected to modernize hiring — allowing HR professionals to quickly verify credentials of job candidates and existing employees.
Solar power has been quite a hindrance to renewable energy, yet it has never quite become mainstream, and there are several reasons for this.
Blockchain will help solar panel owners to effectively sell the energy they don’t use. In this way, their power meters are connected to blockchain nodes therefore they can sell electricity when they don’t need it and buy it back when they do.
Ifeanyi Egede is an experienced and versatile blockchain technology and cryptocurrency content writer and researcher with tons of published works both online and in the print media. He has helped several startup companies grow their businesses in the blockchain and cryptocurrency space. Ifeanyi has close to a decade of writing experience, and when he is not writing, he spends time with his lovely wife, Tega and adorable daughter, Chimamanda.