A look at how Blockchain is driving innovation in four unique areas

Blockchain technology is gradually revolutionizing the way business is being transacted on in the digital realm. Blockchain technology exploits decentralisation and one-way cryptographic hashes to ensure the integrity of data and P2P transaction across the internet. Cryptocurrencies have been the main driver of Blockchain technologies and although the world may have slowed down in terms of its appetite for these currencies, the technology behind Bitcoin and EOS is finding relevance and applications in diverse areas. This because unlike other technologies that focus on solving specific problems or automating processes where security becomes an afterthought, Blockchain in many ways cooperates security by design in its architecture. It eliminates the need for third-party layering of security elements (TNO 2019). This article explores areas where Blockchain technology is finding novel applications. These include identity management, creative content copywriting, tokenization of products and data integrity management.

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IDENTITY MANAGEMENT

Identity fraud has in recent times become of the most prevalent crimes in the age of internet-based transactions (Piletic, 2018). This has partly been fueled by a lack of robust infrastructures to identify and verify whether a person is really who they claim they are. Due to the strength of Blockchain technology’s data management and hashing systems, now it is possible to store personal digital identification that is immutable, unforgeable and accessible to the owner regardless of geographical location. This is similar in operation to a digital certificate but different in that it does require the services of third party service providers.

 

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INTELLECTUAL PROPERTY

Copywriting of creative content such as music, spoken word and recitals has in the past been a hard nut to crack for the technology industry. With the advent of Blockchain technology, it now possible to store an encrypted and hashed digital copy of the creative content with details of the owner, date of creation and other relevant information (How A Leading Cyber Security Company Uses Blockchain Technology To Prevent Data Tampering, 2019). The uniqueness of the hash and inclusion of time specific information such as date of creation is an important aspect when it comes to the settling of copyright infringement claims. The hash, being a one-way function cannot be easily replicated by the use of different information and collision are hard to reproduce. This established beyond reasonable doubt who is the owner of the content and its date of creation. Blockchain verifiable information has in some international cases being allowed in court as evidence. This shows that even the slow justices and legal system is has acknowledged the strengths of this technology.

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CROWDFUNDING AND INCUBATION

Crowdfunding of startups and products is the “in-thing”. Instead of selling-off and idea due to lack of funds, the new generation of entrepreneurs is turning to the internet to source capital contributions, however small from millions of potentials. The storage of this initial investor information is where Blockchain technology finds the application. The information on the identity of investors and their contribution harnesses the Blockchain technology ensuring the integrity and maximum security (Madore, 2017). Due to its authenticity, it ensures future claims are settled amicably and enables transparent trading of shares or equity among the investors.

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DATA INTEGRITY

The modern world relies heavily on data. The integrity, authenticity and availability of data are integral to its optimum performance or output. Blockchain technology ensures that data is not tampered with, changed or transferred without the express permission of the creator (Scott-Briggs, 2017). The inclusion of hashes ensures that the authenticity of the data entries can easily be verified.

 

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WHERE ARE WE?

The capabilities and applications of Blockchain technologies are being discovered each dawning day. The world is in the infancy stages as far as the technology is concerned. As research, testing and application shift upwards, more benefits, improvement and capabilities of Blockchain are likely to be realized.

What Blockchain projects, organisations or individuals are you interested in? Let me know in the comment section below or by reaching out to me on Twitter @UlvBjornsson

Are you unsure whether you should choose a relational database with immutable storage or blockchain for your next project? Get in touch.

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