How Will Blockchain Transform Your Business?
When internet first came on the scene, it was the wild west. Anyone could exist anonymously or pretend to be someone else. Confidence in online payments lagged a few years until encryption offered greater protection for sensitive information. Although the fear of online shopping is now a distant memory, new scams pop up like whack-a-mole with increasingly deceptive schemes.
A connectivity method that prioritizes security concerns, first and foremost, could offer real progress on this front. Today, that progress looks like an expansion of blockchain technology applications, using quantum computing as its foundation. Although cryptocurrency is growing in popularity as a decentralized currency offering safe haven from dollar devaluation, few are well versed in how its blockchain technology actually works.
Blockchain operates independently from middlemen; it is a digital ledger of transactions stored across many devices. Each device represents a block in the chain. Anytime a new transaction is recorded, every device in that chain is updated accordingly.
Potential Business Applications
Many company protocols revolve around secure transmission and storage of information. With blockchain technology, HIPPA privacy issues can be easily implemented for the healthcare industry. Large money transfers will be smoother transactions, shortening the time to close contracts on business deals and real estate acquisitions. The manufacturing sector, which has become increasingly vulnerable to hackers of late, could protect their automated systems from corruption. Different industries face their own variety of vulnerabilities, many of them potentially resolvable with blockchain protocol.
As the technology becomes commonplace, consumers will make payments using digital currency they control, and businesses will respond by expanding the types of currency they accept. The availability of digital currency won’t depend on a person’s credit when no bank is involved. Each person controls his or her money with a digital wallet, free from interest charges and bank fees.
Like digital currency, Internet 2.0 will run on blockchain and transmit via satellite signal rather than cables. Information will be safe from hacking or deletion and unregulated. Every keystroke will be recorded and timestamped and no information will be deleted.
Internet 2.0 won’t be governed by one search engine alone, broadening possibilities for companies who invest large chunks of their media money on expensive PPC ads for visibility in competitive markets. There will be new roads to navigate and mountains to climb as we attempt to test the boundaries of quantum technology.
Mobile traffic currently accounts for 70 percent of all user searches and it is quite possible new technology will demand innovations in mobile phone design. A transition is likely to be gradual as people acquire new hardware, which may be expensive at first. More users would naturally gravitate to the new platform as it becomes more affordable.
The potential benefits are numerous, and businesses will have the opportunity to experiment with something that promises new opportunities and a broader audience.
“Blockchain adoption will be mass scale. Hence start-ups will benefit as it caters to various industries. They will clearly see upwards of 30-40 percent of savings once blockchain is implemented,” says Rajesh Mirjankar, Managing Director and CEO, InfrasoftTech.*
How Will Internet 2.0 Come to Fruition?
SpaceX is already offering Starlink, a low-latency broadband internet system common among consumers with no connectivity access. Popular in rural areas, Starlink is currently operating in six countries, delivering internet from a series of 1,300 low-orbiting satellites. They are a likely contender to launch this new technology.
Internet 2.0 will be unexplored territory at first, just as our current internet was two decades ago, but as people start to understand the benefits, they will migrate to the new platform and competitors will emerge to vie for a piece of the pie.
While it may be too early to change your business plan for the evolution of currency and internet connectivity, you can start evaluating the benefits of offering cryptocurrency payments to your customers. If we’ve learned one thing over this past year, it’s that we should prepare for the unexpected.