Blockchain is more than a fad. The technology’s incredibly resilience and formidable functionality has allowed many businesses to now look at the future full of hope. Simple as it is, blockchain offers quick solutions to complex problems. How do you transfer goods around the world when so many systems are involved? How do you know that a transaction has been successfully concluded?
Well, it all boils down to blockchain. This automated public ledger is indeed quite the solution, as it allows for swift way of dealing with all the necessary redtape. Moreover, the system can prove a real boon to any business that is indeed trying to bolster up its own facilities and online operations.
Who Benefits from It?
So, who does indeed benefit from the adoption of blockchain. Governments, law enforcement agencies and even military facilities can truly benefit from the perks that blockchain allows. By streamlining their process and optimizing it through blockchain-based solutions, the world is moving towards a realization of the distributed ledger technology (DLT).
This can be harnessed to the point where all of the above-mentioned can deploy blockchain solutions to serve specific purposes of their own. Ost important, DLT is also changing the industry for the better, as it reveals an excellent way to actually boost security. Whether by DLT or otherwise, remains entirely the choice of the business or institution. But with the spate of hacker attacks around the world intensifying, it may be time to reconsider how we run everything – from our armed forces to banking.
If you are looking for good examples, you will never be short of a one. Take for example Israel’s securities regulator which has just introduced a blockchain-powered messaging system in order to bolster the security of its internal messaging system.
Cybersecurity – The Future is Blockchain
Ensuring data security is what blockchain does well. There have been some concerns that exposing everything in the public register may have its pernicious implications, but so far there have been no trouble reported with blockchain.
Indeed, monetary transactions using blockchain to build cryptocurrencies have been imperilled and quite openly assaulted and taken advantage of. But the blockchain we mean to employ today has very little, if anything indeed, to do with the oncoming challenges of the world.
Protecting data is now a main pillar of the security of all countries around the world. NATO’s Communications and Information Agency is spearheading the changes and deploying them across multiple aspects of their day-to-day running of affairs, including military logistics and procurement.
The so-called Innovation Challenge Innovation is how NATO plans to tackle the challenges of the future. In the meanwhile, the US Defense Advanced Research Projects Agency (DARPA) expects that blockchain will allow to create a secure messaging system first.
When it comes to security, it appears that the most important bit right not is to make sure that all communication is up to scratch. The decentralized network will allow everyone to receive encrypted messages within the system without compromising the integrity of the entire network.
NATO is already pushing ahead its own encrypted blockchain-inspired solutions. More countries, including the United Kingdom and even Russia are reportedly trying to bolster their military communication using blockchain and allowing the British Justice System to stave off any attempts to tamper with evidence as part of ongoing cases.
More Countries on the Bandwagon
Even more countries are joining. Australia’s financial intelligence agency and the Australian Criminal Intelligence Commission are both open to the good that blockchain can bestow upon those that utilize it. They are both advancing their own separate blockchain solutions, which will allow the to streamline their operations to the point where security is shining.
Russia’s Military of Defense is investing heavily in a newly-minted blockchain laboratory to develop ways of shielding itself out of any warfare. So far, the extent of cyber warfare between countries is not really established, but Russia is definitely one of the world’s largest meddlers in the affairs of other countries.
A recent reported hack implemented by Chinese hackers in big tech giants, such as Amazon and Apple may indeed lead to tightening of all regulations and a backlash against countries that are trying to stilt the world’s order by sabotaging governments.
However, in order to make sure that you can argue against the hacks coming from rogue state or countries where the rule of law is respected only if you endorse the local autocrat, one should first learn how to protect themselves.
This comes at a price and usually it’s a financial one. You will notice that a lot has ben invested in developing secure blockchain-based defenses. Not least of all – in the financial system.
Transactions – Escape Me If You Can
Transaction tracking is perhaps the most widely applied blockchain technology. This will allow banks to monitor up close everything and anything that happens with how money around the world moves. By using blockchain on such a large scale, banks will also reduce main bugbears, such as:
- Operation costs;
- Transaction times;
- Lost assets
Financial services can definitely benefit from the surge of popularity of blockchain. But this surge is not self-serving, as is the case with a huge percentage of the cryptocurrencies available out there today. No, blockchain solves real world problems and it does so in a way that is truly applicable on a larger scale.