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Trends in Tech: Smart Infrastructure & Blockchain

Posted by KingEclient on 1 February, 2022

Distributed ledger technologies like Blockchain will serve as the base infrastructure for a whole new set of business models thanks to its high security, encryption, and automation capabilities. Blockchain technologies allow the digitalization of assets like currency without a human intermediary.   

  

Blockchain is a cutting-edge database technology that powers almost all cryptocurrencies. Blockchain makes it incredibly difficult to hack or cheat the system by spreading identical copies of a database across an entire network. While cryptocurrency is now the most popular blockchain application, the technology can serve a wide range of uses.  

  

At the same time, they enable the use of Smart contracts – pieces of code written in a blockchain – that can be used to automate business rules or agreements. These Smart contracts can be grouped to create more complex models known as decentralized Apps (dApps). They can even fully automate the operations of an organization. Examples of this last capability are Decentralized Autonomous Organizations (DAOs).  

   

Blockchain technologies will have many applications in the future across multiple industries. They will serve as the base platform for many transactions, from real state trading to currency exchanges. These capabilities will also be leveraged to create automated markets to sustain distributed energy generation systems.   

  

The current power generation methods will not be able to support future electricity demand. So, countries like Australia are already testing this kind of blockchain-based energy market. Users generate clean energy in their homes, and they can automatically trade it into the blockchain network if demand exists.  

  

The same capabilities can be applied to drastically reduce transaction times in real estate operations. Another application would be the digitalization of votes, allowing for different participation models in politics. Blockchain could even be used to digitize identity, solving many of today’s privacy issues and enabling financial inclusion for millions of people. These are only some of the many applications of Blockchain technologies.   

  

According to Forbes, these are the four most important advantages of Blockchain 

  

  • Higher Accuracy of Transactions  

  

Blockchain can reduce mistakes because many nodes must confirm a blockchain transaction. If one node has a database error, the others will notice the difference and catch the fault.  

  

On the other hand, in a traditional database, if someone makes a mistake, it is more likely to be accepted. Furthermore, each asset is uniquely identifiable and recorded on the blockchain ledger, eliminating the possibility of double-spending (like a person overdrawing their bank account, thereby spending money twice).  

  

  • No Need for Intermediaries  

 

Using Blockchain, two parties in a transaction can confirm and complete something without working through a third party. This saves time and the cost of paying for an intermediary like a bank.
 

  • Extra Security  

 

A decentralized network, such as Blockchain, theoretically makes it nearly impossible for someone to commit fraud. They’d have to hack every node and modify every ledger to insert bogus transactions. While this isn’t inconceivable, many cryptocurrency blockchain systems use proof-of-stake or proof-of-work transaction verification procedures that make adding fraudulent transactions difficult and not in participants’ best interests.  

   

  • More Efficient Transfers  

 

People can execute more efficient financial and asset transactions, especially globally, because blockchains function 24 hours a day, seven days a week. They don’t have to wait days for a bank or government agency to confirm everything manually.  

 

  

To discover more about how your business can embrace change, head to our report Succeeding in the Digital Business Paradigm here. 

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