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Blockchain is a key technology – why the post-crypto-crash future is bright

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In comparison to cryptocurrencies like bitcoin, which use blockchain systems to record monetary transactions between people and businesses, people frequently hear about blockchain technology. However, a significant decline in the market value of cryptocurrencies like TerraUSD due to an increase in public trust does not imply that their main technology is also meaningless.

In fact, there are many other applications for this kind of system that don’t rely on centralized storage and allow for secure participation by a large number of people, even if they are strangers to one another.

Along with many other engineers and developers, I have demonstrated that blockchain technology is a promising solution to some difficult issues with the trust and security of next-generation network-based applications. This is because I am an investigator of new technologies for potential intelligent communication network technologies. I can see a number of non-cryptocurrency-related ways that blockchains are proving to be valuable.

Blockchain is a key technology – a computer scientist explains why the post- crypto-crash future is bright

Revolutionizing Supply Chain Traceability with Blockchain Technology: A Closer Look at IBM’s Food Trust

Due to the enormous number of products being shipped globally, present global supply chains require a tremendous amount of information. They are hampered by data storage capacity restrictions, ineffective paper procedures, disjointed data systems, and irreconcilable data formats. These conventional unified data storage techniques are unable to effectively identify the root of issues, such as the source of a subpar product.

Information storage on a blockchain enhances traceability, accountability, and integrity. For instance, IBM’s Food Trust tracks food products from the field to retailers using a blockchain system. The shared blockchain is used by the food supply chain participants to record transactions, which makes keeping track easier.

Medical Records Security: Leveraging Blockchain Technology for Data Ownership and Privacy in Healthcare

In the health care sector, data ownership and privacy are the main issues. The various needs of patients, health service providers, insurance companies, and governmental organizations cannot all be met by the latest consolidated systems. A fragmented system for access control of health records that protects the interests of all stakeholders is made possible by blockchain technology.

Blockchain systems enable patients to track who has accessed their records and identify who is authorized to do so, in addition to enabling health care service providers to securely share patients ‘ medical records.

Enhancing Financial Transparency: Exploring Blockchain Integration in Banking Operations

finance and banking benefit from integrating blockchain networks into their business operations. Instead of trying to develop cryptocurrencies with new or different capabilities, the financial sector has recognized that blockchain systems are a reliable way to store information about traditional currencies like the dollar, euro and yen, as well as financial products.

Customers can use blockchains to monitor their transactions as they are processed, virtually in real time, from anywhere. Blockchains even help banks because they give them the chance to conduct transactions between institutions more safely and successfully.

Revolutionizing Property Rights: Streamlining Documentation with Blockchain Technology

The regular recording of property rights used today is time-consuming and ineffective. Standard paper documentation is labor-intensive, time-consuming, opaque, and loss-prone. By transforming the whole process into a online form, blockchain technology reduces costs and eliminates inconvenience, inefficiency, and errors.

Owners can put their trust in the accuracy and permanence of their deed thanks to blockchain systems. People who live in areas without adequate political or economic infrastructure will find remote access to be especially important.

Safeguarding Democracy: The Promise of Blockchain in Modern Voting Systems

Voter validation and voter privacy preservation appear to be incompatible requirements. Blockchain technology has the potential to make it easier to implement a fair and clear modern voting system. A blockchain-enabled voting system can maintain a clear political process because it is nearly impossible to tamper with it.

A blockchain-based voting system was used in West Virginia’s congressional elections in November 2018 and found to be safe and dependable.

Building the Foundations of Smart Cities: Leveraging Blockchain for Security and Efficiency

A smart city embeds information and communication technologies into its facilities, infrastructure and services to provide its residents a practical, intelligent and pleasant living space. A smart city is largely a network of numerous devices that can share data by communicating with one another. People’s smartphones, cars, electric meters, public safety monitoring systems, and yet homes can all be connected.

These systems require performance, security, and privacy that unified information systems are unable to meet. Blockchain is a crucial networking technology for creating clever cities because it can improve security measures, improve operational efficiency, and foster participant trust.

Decentralization is the key to the future of information technology. The increasingly diverse needs of people who want the freedom to customize their personal services, manage their online assets, and more easily take part in political processes are not met by today’s consolidated architecture. A crucial enabling technology for creating any reliable and stable decentralized information system is blockchain.

Leo Portal

Leo is an expert in the field of smart city research and an overall tech-enthusiast with an emphasis on smart energy, IOT, smart homes and governance. After a master degree in international administration at the University of Gothenburg in Sweden, and a master in public management at Fudan University in China, he pursued research studies in the field of smart cities at the European University Institute. This led him to publish multiple articles on smart cities. Among them “Using Smart People to Build Smarter: How Smart Cities Attract and Retain Highly Skilled Workers to Drive Innovation (Belgium, Denmark, the Netherlands, Poland)” published in the Smart Cities and Regional Development Journal (SCRD) and “Establishing Participative Smart Cities: Theory and Practice”, also published in the SCRD Journal. He regularly audits and advises municipalities and regional governments on their smart city strategies. He is currently writing a chapter for Springer on smart mobility in French smart cities.

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