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Blockchain: How This Technology Revolutionize The Market

Blockchain: Digital transformation has not only promoted new ways of doing business. As a result of technological evolution, companies have also faced unique needs, such as ensuring the integrity and security of digitized processes.

In scenarios like this, blockchain has emerged as a promising solution. Initially, the concept gained relevance because of cryptocurrencies. However, this technology has many applications and potentialities to be explored in the coming years.

In this sense, whether to renew a traditional enterprise or open a new one focused on innovation, leaders and managers must stay on top of this subject, raising doubts about its operation and concept. Blockchain is a technology that promises to revolutionize auditing and information sharing.

What Does Blockchain Mean In Practice?

In summary, blockchain is a peer-to-peer encryption technology; it works from point A to point B to transmit information. As the name implies, the feature does this by connecting and duplicating blocks of code, which are chained together. 

Its significant differential about other techniques of the type is that once put into operation, these blocks can no longer be modified since the interdependence between blocks makes any change, even partial, compromise the entire set. In other words, to violate information verified with blockchain, it is necessary to compromise the entire code chain – something that becomes infeasible since the issuance of each block is also done in a decentralized way. As a result, it would be necessary to invade the network components that audited the information in question.

In this way, there is a strengthening of the protection of virtual transactions against fraud. In addition, blockchain technology can implement other good data protection practices, such as custody monitoring, generating more security for users.

How Does Blockchain Integrate With Other Technologies?

Blockchain is a solution that can, and should, be integrated with other technological innovations. After all, in many cases, it is a compliment that only benefits from the feature that incorporates this data verification method.

In the same sense, and considering that more and more processes and activities are carried out digitally, including exchanging information between different systems and platforms, ensuring data integrity at all stages of this flow is a growing need in volume and complexity.

This demand is apparent when we talk about APIs (Applications Protocol Interface), a vital tool nowadays that allows multiple databases to share data effectively despite having been designed with different structures and rules.

APIs are present in everything, especially in the cloud, which is commonly used to store and transfer data. Without the help of these interfaces, content formatted for software A could never be understood by software B if they were developed by different manufacturers, for example. In other words, APIs work as “universal translators” for information, allowing them to travel between different systems without sacrificing their usefulness and intelligibility.

Integration Is The Key To Everything

According to a survey carried out by Sensoria in partnership with the consultancy PwC, from 2018, at the time, fintech were the companies that were most ahead when it came to the maturity of the use of APIs.  This is because the technological disruption experienced in the financial segment has the sharing of banking information, the famous Open Banking, as one of its greatest assets for the coming years. 

And for data to be shared between two institutions without compromising its usefulness, efficient APIs are needed that “translate” the content quickly and securely – at which point blockchain comes into the picture. In short, despite the use in the financial segment being illustrative, both resources, as explained above, apply to the most diverse exchanges of information, an attribute that is fundamental in a context increasingly permeated by data and, above all, in which these data are integrated across multiple platforms. 

No Cloud Computing

Cloud Computing technology can be considered exceptionally versatile, mainly because it is the basis for developing many other technologies, including blockchain. By nature, the cloud consists of using a virtual database that allows the creation of software, APIs, applications and other connected systems. Thus, its most direct relationship with the blockchain is the environment since the code resides in the cloud. However, it is worth noting that it is possible that both are related as a complete solution, for example.

Allied With Cybersecurity

Blockchain encryption is ideal for creating cybersecurity solutions. This is possible because the difficulty of breaking the code chain is one of the main qualities of this technology. Thus, it can be adapted for strengthening business data security.

It is also interesting to note that this is a topic in focus at the moment. This emphasis on the subject is due to the LGPD (General Data Protection Law). After all, now companies must guarantee maximum security of their customers’ data if they don’t want to have a cost with fines.

Next To The Internet Of Things (IoT)

IoT will gain more space in the market in the coming years because of 5G technology. In practice, it performs the integration between physical and digital environments.

So, it is possible to create solutions for intelligent environments. This happens in home automation, for example. But, it can be applied in different scenarios. To make these solutions more secure, blockchain can be used. 

Also Read: Blockchain: Hype Or Overhyped?

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