Thank you for Subscribing to CIO Advisor APAC Weekly Brief
Enabling Businesses to improve their Transparency and SecurityBy CIOAdvisor Apac | Thursday, February 07, 2019
It’s all about blockchain today; the shared database technology is the next big trend. It was argued that blockchain could help end poverty and fraud in financial systems or any centralized system of control. The breakthrough in bitcoin and the technological communities that are approaching the digital currency has led to an extremely new format for blockchain to be defined as a distributed ledger. By taking advantage of these benefits, industries have come up with numerous ideas to use blockchain technology on their platform.
The blockchains’ cryptographic algorithms make data more private for consumers. Blockchain enables reliable peer-to-peer messaging and has already demonstrated its value in the world of financial services through cryptocurrencies such as bitcoin, providing guaranteed peer-to-peer payment services without the need for brokers from third parties.
The combination of the Internet of Things and blockchain would offer unprecedented opportunities for companies and public sectors, and the technology now seems to be a missing link to IoT privacy and security. Data quickly becomes one of the most valuable resources in the world. The market capitalization list of the top ten companies is now dominated by Facebook, Microsoft, Apple and Amazon data-centered companies. Blockchain secures data using the distributed storage software; encrypts data so that authenticated users can only access it. Distribute files over a network to provide all user files, even if part of the network is down.
When blockchain is applied, the infrastructure would be in place to make and accept payments, track contracts, and check users. No solutions for external payment or verification could be found and implemented. Blockchain allows verified contributors to store, view, and share digital information in a safe environment that promotes business relationship trust, accountability, and transparency. Etherparty, a blockchain software platform, enables users with zero contract programming knowledge to create an enforceable digital agreement for all types of transactions.
Better security and new opportunities and incentives for gaming are some of the benefits that blockchain can bring to a virtual gaming experience. Not only large technology companies but also startups have begun to invest more time and money to develop the blockchain game. It is clear that blockchain is a powerful cross-company transformation engine, which offers a competitive advantage, significantly increases revenue, and reduces costs.