When blockchain technology emerged in 2009, few imagined a Blockchain Conference going down at ExCel London for three days straight. However, there’s no doubt blockchain has turned out to be one of the revolutionary technologies of the century thus far. The distributed ledger was once considered the backbone of crypto coins like Bitcoin and nothing more. Only recently have people caught on to the impressive potential blockchain holds. Now it seems like every new application released is harnessing the power of the revolutionary technology.
From retail to finance, healthcare, and gaming, here’s a look at the role of blockchain in the future of digital interactions and transactions:
Leveraging Utility Blockchain for Enhanced Cybersecurity
Utility blockchain provides the infrastructure required to secure the future of digital interactions. Blockchain’s decentralized databases bolster the transparency of logged activities and events in a network. Practical applications include developing cybersecurity tools capable of instantly detecting and reporting hacks and network intrusions. This potential is well-executed by Sentinel Node’s Certihash cybersecurity tool. The tool takes snapshots of computer networks and files and timestamps this information on the BSV blockchain. This makes it possible to notice unauthorized file alterations, network access, and other nefarious actions.
Certihash also alerts the network admins and logs their corrective actions. Hackers rely on erasing their logs in and out of private networks to remain unanimous, but this isn’t possible on a decentralized distributed database that blockchain offers. What’s more, the intrusion is detected in seconds, which is tremendously faster than the 220 days traditional solutions take to detect network breaches. With an immutable distributed database, every event is logged for every node in the network to see. This creates transparency and helps to quickly identify unauthorized intrusions or discrepancies in any network.
More Secure and Transparent Digital Transactions
The demand for secure and transparent digital interactions is a growing debate. All parties agree that decentralized interactions are the way forward, especially in the wake of privacy concerns and cybersecurity threats. Blockchain technology is at the center of decentralization, and its business value addition is projected to exceed $3 trillion by 2030. Transactions on a blockchain are timestamped on a public ledger. The ledger is immutable, so no one can independently or anonymously tamper with the records, and everyone can see them. Records can only be altered with unanimous consensus from all nodes.
Even then, the original records are merely appended, so the involved parties can always revisit them to audit for discrepancies. Blockchain is also the underpinning technology behind cryptocurrencies like Bitcoin. Cryptos offer security, convenience, and privacy, explaining their fast adoption by both real money casinos and sweepstakes casinos. Even the best sweepstakes casinos accept cryptocurrencies like Bitcoin, Litecoin, and Ethereum Sweepstakes casinos differ from traditional online casinos in that they operate under a unique model where players use virtual currencies like ‘Gold Coins’ or ‘Sweeps Coins’ instead of real money. This model makes them particularly popular in jurisdictions with strict gambling regulations.
Cryptocurrencies enhance the appeal of sweepstakes casinos by providing a secure and private means to purchase these virtual currencies. With crypto payments, players can fund their accounts without disclosing sensitive personal information, thus preserving their anonymity
Democratizing the Internet with Web 3.0
Web 3.0 is here and blockchain is one of the fundamental technologies it relies on. The latest iteration of the World Wide Web also relies on machine learning, big data, and artificial intelligence. However, the potential to democratize the internet heavily hinges on the decentralized ledger technology. The current iteration of the internet, Web 2.0, still uses centralized repositories and servers to store data. Web 3.0’s decentralized protocols will allow data interconnection in a more decentralized fashion that makes the internet more autonomous, intelligent, and accessible.
Experts predict a future where both humans and AI-powered robots interact with data and a convergence of emerging technologies. Democratizing the internet through blockchain frees it from central authority, transforms its usage, and creates a whole new dimension in how people use it. A decentralized internet will allow people to create, purchase, own, sell, and profit from digital material sales using non-fungible tokens. Blockchain applications such as decentralized apps and smart contracts will also become mainstream. The world is already being introduced to decentralized finance (DeFi) technologies, which are only the beginning.
Resolving Issues in Digital Identity and Trust
Legacy digital identity management systems face various challenges that blockchain can address. Governments and businesses request ID information multiple times, which leaves existing systems vulnerable to data breaches and privacy issues. Blockchain’s decentralized networks can provide a secure, trusted infrastructure for people to manage their digital identity independently. The technology resolves many privacy issues, poor user experience, data breaches, and the lack of data control and ownership seen in centralized digital identity systems.
Blockchain restores consent to share ID information, increases data ownership, and offers decentralized storage. If hackers compromise a centralized storage system, they can access millions of accounts at once. In a decentralized system, they would need to hack millions of devices, which is impossible if blockchain and AI cybersecurity solutions safeguard against supply chain attacks. Blockchain technology also streamlines identity verification processes, providing seamless cross-agency access to ID data to eliminate redundancy and facilitate emergency responses and scenarios requiring quick access to information.
More Use-Cases for Blockchain In Future Interactions
There are many other future use cases for blockchain in digital interactions and transactions. Blockchain is already being used to develop apps that track goods through global supply chains with remarkable precision, enhancing transparency and guaranteeing product quality. The technology offers a globally distributed timestamp server that can’t be altered or tampered with without consent from everyone. The future of digital interactions will be dominated by scalable blockchain and other Web 3.0 technologies, which are already beginning to take shape. More businesses are interested in decentralized apps and solutions than ever.
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