The interest in blockchain is enormous today. It is touted as the future of technology with many hailing this open ledger as a transformative invention of the 21st century. According to the latest statistics, the total funding in the blockchain applications has reached $1.032 billion in 2017 from the level of $93 million in 2013. More and more companies are coming forward to adopt the blockchain technology, and this interest is only complimented by the increasing use of cryptocurrencies across the globe. Despite all these positive developments, there are many deterrents which are impeding on wide adoption prospects of the blockchain. Lack of regulatory framework is obvious one of these but even more important is the issue of scalability and rather limited application domain that blockchain offers today.
Recent trends suggest that blockchain may have found a strong use case in the industry of Internet-of-Things (IoT). What makes blockchain a feasible option for IoT is the increasing number of hacking attempts that the industry is witnessing of late. The high safety and security credentials of blockchain make it apt for use in IoT. According to one of the latest reports of IEEE, blockchain has a huge potential to protect IoT. Today, the IoT is extremely vulnerable to the hacking attempts so much so that a hacker with a single device can break through into the system and potentially cause the whole network to shut down. The use of blockchain can certainly enhance the security of IoT devices. Thanks to the system of blocks used in the blockchain all of which are protected by a separate code, it is virtually impossible for the hackers to bring down the whole system. Even if one gets access to the code of one particular block, the other blocks will remain safe from any external influence. This means the entire chain is not under threat even if the hacker gets access to one particular code.
Application in Healthcare Industry
The application of blockchain promises huge potential for the healthcare industry. Blockchain application will ensure that the databases and the health systems will remain immune against any hacking attempt. We have witnessed instances of hacking made on various healthcare institutions, and use of blockchain will ensure future attempts will not be successful beyond a particular system, thereby, reducing the chances of a complete shutdown. National Health Service of the UK has recently announced that it is going to digitize its operations on a mass scale and application of blockchain in this particular case will thwart attempts of hacking which would otherwise threaten to shut down the whole system. , and many countries are using this technology to protect their systems against these kinds of threats. In sum, as we keep on adopting technology in almost every sphere of life, it is essential to keep things safe and secure. Blockchain can certainly contribute to this safety aspect.