Blockchain technology requires guidance to understand its core functionalities and talking points. Centralized blockchain structures remove fault and failures and protect databases and it has been proved successful in 2019. As this format saves databases from illegal exposure it is best to understand how it will be worthwhile in the coming years. Can it also counter fake news? Let’s find out.
This post features some programming clarity related to blockchain and how business leaders can pick up their benefits.
Blockchain eliminates use of middlemen
When it comes to data control some sectors have disadvantages. For example, Facebook is the ‘middleman’ between the users and the advertisers. In the same manner, ‘banks’ serve as an intermediate ground for borrowers and lenders. All the data is regulated and also controlled from a central hub. Both users and advertisers, borrows and lenders have to trust the middlemen to follow best practices and ethical lines of business. In the case of blockchain system, the data is not controlled by any particular central authority/party. If you know how torrents work, it is easy to understand. The files do not hold ownership with a single party but allow many users to access the programing or architecture to download. They could be located in different geographic locations and operating from any device or workstations. This way there is no data crash when countless users download the same files. The faults and failures of the system are minimized. This is exactly the programing that blockchain technology uses. It is scalable and everyone can use it directly. It is clear that it can be useful and successful in various other business sectors. It works on any kind of programming language and implementation is simple. Currently, it is available in Python, C++, JavaScript.
Would it not be better if a borrower is able to contact the lender directly?
Or if you could let an advertiser which ads will be appropriate on the news feed without the intervention of FB?
Does it not make sense if leaders and their IT departments are able to use the benefits for their operations and business development?
Experiment is the key
The maturing of several technologies is paving the way for blockchain technology to be introduced at the enterprise level. Many IT departments have progressed to production from proof-of-concept. The financial sector has improved and the new promises lie with transparency and adding supply chain to it. The time to test the waters is over and rolling new projects is trending. There is a significant growth of blockchain-inspired systems. The main areas where they are gravitating include supply chain improvement, cross border payments, finances, and virtual certification.
Probable adoption in 2020
Unless blockchain technology moves beyond cryptocurrencies and ledger systems it will continue to have barriers. Tech leaders have already seen that bundles of programs can be used in other sectors to improve business and the way data is used. Trends and experiments that have been conducted in 2019, show that fake news can be tackled with this technology. This report was filed by Gartner. It says that by 2023, it (blockchain) will be able to stop fake news.
Details are outlined in this link: https://www.gartner.com/smarterwithgartner/gartner-top-strategic-predictions-for-2020-and-beyond/
This has become necessary as fake news is often spread when a country goes for general elections. False information or volatile content can be detected with the programming of BT. Bot controlled websites that are used to spread fake news can be targeted. Already there is a dire need to track down the origins of fake news. Will BT help? Time will tell as it is used by media agencies.
Can AI come to the rescue?
Artificial Intelligence is being combined with several systems. Can it also be complementary to this nascent technology? Integrations are possible to amend business solutions wherever IoT is applicable. Top companies like Amazon and Microsoft are experimenting with it as SaaS. Enterprises can take a cue and use them in startups which develop virtual products. As we come back to FB, can blockchain be used for controlling social networking? Then this technology could be used in daily lives too with fewer faults, failures, fake news, and middlemen.
We will need to wait and watch as experiments unfold and bring benefit results that impact the market.
