Can Blockchain Fail?

Blockchain is not an incomprehensible thing. It is a system for entering records in such a way that they cannot be manipulated or changed. A database in the form of blocks serves as a digital ledger of transactions that it duplicates across computer networks to ensure they are authentic. A record of each transaction is added to the ledger of an individual participant once it is confirmed.

Blockchain.

Blockchain has specific characteristics that make it possible to serve its many functions and fill its increasing areas of use.    

Characteristics of Blockchain

Notably, certain characteristics of Blockchain make it intriguing. The most important of those features include:

  • Immutability

Blockchain technology is a permanent, unmodifiable network. It is incorruptible: without the permission of most of its nodes, no transaction block can be added to it. As a result, it can be used with the certainty that every transaction will be validated before it can be entered on it.

  • Decentralization

Blockchain is decentralized. That means that it is neither developed nor overseen by any governmental authority, corporate body, or individual entity. Rather, it is maintained by a group of nodes that is free for all to use.

  • Security

Enhanced security is also another characteristic of blockchain. This stems from its decentralization: since it is not overseen by any central authority, no one can modify details of the transactions on it. Blockchain transactions are also encrypted, making them more secure.

  • Consensus

There is arguably no system as consensual as blockchain. Before any transaction can be validated on it, it has to be consensually confirmed by the group of nodes active in its network. Without this consensus, no decision can be made.     

Can it fail?

The growth of blockchain in the last few years has been phenomenal. While it used to be associated only with Bitcoin and other cryptocurrencies, its range of applications is now expanding. From medical practice and legal practice to election integrity and humanitarian service, blockchain is now being deployed:

  • Medical practice

Companies are now using blockchain technology to develop digital systems for the storage of medical records. An example is MedRec. Electronic Medical Records (EMRs) help healthcare workers to easily access medical records and share auditable data in a bid to provide personalized care to patients.

  • Legal practice

Legal practice is another area that has benefitted from the rise of blockchain. As a lawyer, with a blockchain-based system such as Chronicled, you can secure sensitive data and, even also in the life industry sciences, automate transactions between you and your trading partners. Chronicled also comes with Bluetooth, mobile applications, implement IoT, and near-field communication (NFC) capabilities.

  • Election integrity

While individual voters may not show a ready inclination towards election fraud, voting machines, however, are not completely secure. As a result, elections, through hacking, can be compromised. The good news is that with blockchain, the chances for that can be minimized or even completely averted. With it, elections can be made more secure while still not violating the privacy of voters.

  • Humanitarian service

Humanitarian service, specifically refugee aid, is an area where blockchain can be applied, going forward. Cryptocurrency-based vouchers can be used to raise funds, provide food, and record and authenticate refugee transfers. The United Nations’ World Food Programme (WFT) is an example of this.

Finally, beyond serving as just the underlying technology for cryptocurrencies, with these novel applications of the blockchain, it has definitely come to stay and its possibility of failing only grows dimmer by the day.

The information on this website and all associated literature are for educational and informational purposes. It does not constitute a fiduciary duty or obligation between Uncut Lab and you. Please consult your financial and investment professional for your specific situation.

author

Lucas

I am the Uncut Lab resident cloud computing junkie. I help curate the written content in our Education Corner, providing engaging articles on foundational concepts in cloud computing, data analytics, machine learning, and blockchain technology. Feel free to reach out to me with questions or topics that you would like us to cover. Thanks!

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