No one can deny that the transformation of Blockchain is upon us. It was first witnessed through Bitcoin in 2009. Since then, the growth has been unstoppable with different industries adapting to its use. Since its impact is largely undeniable, Blockchain is quickly becoming the trend with organizations and enterprises.
The blockchain digital transformation is one of the straightforward ideas that any industry can adapt to. Basically, the system lets distributed nodes connecting with other nodes minus a centralized authority. According to this concept, digital ledger offers immutability, transparency, and security hence making it one of the most solid platforms to use.
That aside, the article is focusing on the impact of blockchain technology on the internet and the future it is creating. Bitcoin provided the first generation of blockchain system. It was highly promising, though fraught with many challenges just as any other form of technology in its first generation. Everyone can remember how there were many issues when the internet was first coming into existence.
For better understanding of blockchain and how it is reshaping the internet’s future, here is how it is already changing things in different sectors.
To date, cloud storage works in a centralized manner. While cloud computing is highly effective, no one can deny that it is vulnerable as well. Cloud storage’s vulnerability is particularly witnessed through security threats and hacking. However, blockchain is poised to make consumers trust cloud computing even more. This is because it will move to a system of decentralizing with no authority having exclusive rights of changing the data there-in.
There are several examples where decentralized cloud storage is becoming the next powerful thing on the internet. Projects such as Filecoin and Siacoin are perfect examples of the next application of blockchain technology developmentover the digital platform. The future of cloud computing is being redefined since the new decentralized system allows users to have total regulation over their data. In this case, the application is based on reliability, transparency, and performance as the main growth indicators.
The Internet of Things
Without any doubt, IoT or the internet of things is one of the most remarkable ground breaking technologies to have been witnessed. With the distribution of ledger technology, blockchain is going to entirely alter as it infuses superior opportunities, transparency and security over the digital platform. This is something that has not been explored in the past.
In this case, blockchain’s key function is making sure that all devices are communicating with each other devoid of any issues. In addition, the technology will be in a position to more info regarding the devices, including how they interact and building a trusted network for all devices. In essence, blockchain is acting as an interaction point for all transactions within the network. We are also going to witness smart contracts where engineers will get the chance of automating the entire network. Among the powerful benefits of blockchain being incorporated in IoT include building trust, faster transactions as well as low cost implementation.
In other words, blockchain is going to be the major foundation informing interactions and transactions over the digital platform. While many IoT blockchain applications have already caught the attention of users, IBM spotlighted blockchains are worth mentioning. This blockchain platform development is currently unlocking different ways through which businesses can use the Internet of Things with blockchain. You must have heard of Hyundau Digital Asset Currency popularly referred to as HDAC. This is an IoT blockchain network that is currently creating the IoT private blockchain.
This is another critical aspect of the digital platform technology. It is almost obvious that companies are spending millions of dollars to protect their data. They are always looking for different ways offering superior protection over their infrastructure from exploitation. This includes routers and other useful devices. In this case, blockchain is already altering how cyber security is getting implemented.
To begin with, blockchain is going to change how organizations keep their data. This is through a decentralized system with no central authority having exclusive access rights. This method is going to deny hackers one place where they can hack information. With the introduction of peer to peer network, security is going to be enhanced on the platform. You can be sure of making fraud and data theft a thing of the past with implementation of blockchain applications. Further still, blockchain technology is going to prevent Distributed Denial of Service or DDoS. However, a secure environment is inherent in witnessing blockchain transformation.
At the moment, startups are already pioneering innovations in the cyber security industry by incorporating blockchain technology in their new applications. For instance, Gladius is already implementing a platform that fights DDoS attacks and reduces load times thanks to blockchain technology. This will go a long way towards helping businesses protect their online services and prevent any interference.
This is one of the multi-million dollar industries that keeps growing each year. Nonetheless, as it is, the industry is not friendly to consumers and creators because the intermediates are taking advantage by raking in millions in revenue profits. With the implementation of blockchain technology, the entire landscape will alter by allowing more accessibility to consumers and creators of the content.
It is almost obvious that blockchain software development and implementation of its applications is becoming the next big thing on the digital platform. It is becoming more necessary for companies and online users to protect their privacy from any form of infringement. The most potent way to do it is being witnessed through implementation of blockchain technology.