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Blockchain (blockchain) is the pinnacle technology in the wave of technology revolution 4.0, which is the key for improving the transparency and data security, which is considered as the future information technology platform.
Why do businesses need to apply blockchain management?
From a technical perspective, in simple terms, blockchain is like a new type of data storage technology, instead of traditional storage types. So, what’s new and better for blockchain than old data storage platforms?
The first advantage of blockchain technology is decentralization. Unlike traditional storage technologies where data is stored centrally on one or several servers, with blockchain, data is stored and duplicated on a variety of devices. Because of this feature, data will always be guaranteed at the highest level of stability, accessible anywhere, anytime, regardless of the individual or organization that governs this data.
The second major feature of blockchain is its high security. Also derived from the first feature is decentralization, data stored on the blockchain will be authenticated by the participants in the network according to an extremely secure encryption mechanism (called the copper mechanism. pros). With this mechanism, data cannot be tampered with, cannot be manually tampered with at the discretion of one or several individuals. Data on blockchain can only be added sequentially, cannot be modified after it has been archived. The entire data storage history is also saved on the blockchain. It is these rigorous security mechanisms that make blockchain a secure, secure technology.
The third, very important feature of blockchain is transparency. Data stored on the blockchain is accessible anywhere, anytime by the parties involved.
Thus, with the three prominent advantages mentioned above, blockchain technology will open up potential applications for many fields such as banking and finance, retail, freight transport, manufacturing, telecommunications … The application of blockchain applications to life will bring real benefits to the community and the whole society. Below we take a look at how blockchain applications in different fields look like.
For production
Typically, applying the immutable, indestructible feature of Blockchain into the manufacturing industry will help consumers trace the origin of the product being offered for sale.
For manufacturers they can inventory and store all the products sold in the market, how many products are left in stock.
For medical field
When a patient goes for a checkup or examination, all their results will be stored using blockchain application technology that will help patients keep all their information and test indicators confidential. In addition, it also helps patients reduce the cost of re-testing when they come to new hospitals as well as helping the new patient’s place to access the medical history, treatment regimen or adverse reactions. with the patient’s previous drug components. This will help to better diagnose patients.
For education
Applying Blockchain technology helps to manage certificates and qualifications of universities in general or vocational training institutions in particular if applying Blockchain technology, contributing to transparency of student records. such as helping employers easily trace the origin of the training institution or the learning process of candidates from low to high.
For the financial industry
The peer-to-peer money transfer project using blockchain technology is part of efforts to provide safe, high-cost financial services – an area where large banks are being outstripped by rivals. Smaller prime. Blockchain is seen as a way to cut costs and time of clearing interbank transactions,
For e-commerce
With Blockchain technology, businesses can be assured when signing smart contracts and bringing payment solutions. From here, it is easy to do business and cooperate with many domestic and foreign businesses in a shorter time and the procedure is many times simpler.
