You might have come across Blockchain as the backbone of cryptocurrencies. Meanwhile, forward-thinkers have started to reimagine the technology and explore its potential uses in currently under explored fields.
If you don’t know already, Blockchain is a digital ledger that operates on a user-to-user (or peer-to-peer) basis, with a record that is truly public and easily verifiable. This shared database hosted by millions of computers simultaneously allows for mass collaboration with endless possibilities. Soon, it will be the go-to technology for staying competitive in business.
Blockchain-enabled systems are tamper-proof. Like how our CEO Andy described in the previous blog post, verification comes from the consensus of numerous users rather than one central authority, so any changes made on Blockchain are reflected across the entire network. Centralised points of vulnerability is basically non-existent for computer hackers to exploit.
The application of Blockchain has transformed the digital landscape and gave rise to competitive startups that are capitalising on the technology. Take Kik Inc. for example. The Canadian company is known for its App features that preserve users’ anonymity, such as allowing them to register without providing a telephone number. Kik is famed for popularising the Initial Coin Offering (ICO) concept. With its own offering of tokens, Kik has started to monetise its users.
Another example is Storj from the United States, the first decentralised, end-to-end encrypted cloud storage that integrates Blockchain technology and cryptography to allow for higher security of data. Its open-source software strives to rethink cloud storage, to provide the security, privacy, and transparency that are currently missing.
Like how Don & Alex Tapscott, authors of Blockchain Revolution (2016) described, Blockchain “…record(s) not just financial transactions but virtually everything of value.” New Digital Noise believes in the ability of Blockchain in reforming businesses, and will constantly explore its market potential.