Security is vital for any business. In 2021, and in the past decade, the need to preserve and protect data has significantly increased. With the world heavily relying on technology in recent years, it has also become harder to do that. Blockchain, or a secure way to securely contain and store data, is how businesses prevent anyone from stealing data or compromising their systems.
This has since made the use of blockchain more widespread. As much as one-third of the customer base worldwide utilizes blockchain to some capacity. And, just like with any tool, there are trends that can help companies implement those tools better.
There are 3 main trends of blockchain that businesses should pay attention to:
- Blockchain as a Service (BAAS)
- Innovation evolution
- Tokenization
Blockchain as a Service (BAAS)
This contains the ability to test Distributer Ledger Technology or DLT. Corporations like Amazon that process millions of transactions a data benefit significantly from blockchain and its features, including BAAS. Other companies such as Microsoft, HP, IBM, and Oracle all use BAAS as well.
Innovation Evolution
As technology evolves, innovation increases. Blockchain is included in that, with many industries jumping on the blockchain train. Some examples are:
- Supply chain management: Walmart
- FinTech: Fidelity
- Auto: Ford
More and more transactions are completed globally as technology becomes increasingly ingrained into society. It makes the need for blockchain a key component in data security.
Tokenization
Known as the substitution of money for digital currency (or tokens), tokenization has quickly risen in popularity in recent years. The most common example is Bitcoin. Although the knowledge of tokenization isn’t as wide, it’s still growing in use and implementation for businesses.
Top Industries Using Blockchain
- Gaming
The gaming industry brings in millions of dollars every year, often even billions. Cryptocurrency and blockchain use has become an option for in-game purchases. Blockchain helps players and companies keep track of purchases, digital items, and even aids game developers in monetizing their work.
- Food
This is a very sensitive and important industry that benefits from being able to keep track of, as well as trace, food products securely across different areas of the supply and demand process. Perishable items in particular need blockchain to ensure any weaknesses, incorrect information, or other errors can be easily referred back to in order to take care of any issues that may arise.
Conclusion
Blockchain’s ability to protect data while also offering other features, such as tokenization, leads it to take a comfortable role in current society. Heavily reliant on technology, the world is even more dependent on data security and privacy. The handling of information (i.e. debit and credit card numbers, addresses, bank account information, etc) has always been the main component of online shopping, among many other things. The security blockchain provides regarding transactions, which contain that information, ensures not only customer privacy for example, but also trust. Digital interactions are becoming increasingly vital in society and the protection of the information associated with them must be able to keep up.