Blockchain’s attributes of immutability and decentralization are key parts of its ability to store data in a way that is both secure and accessible. While cryptocurrencies and NFT’s (Non-fungible tokens) have seen a recent rise in popularity, blockchain still has many potential uses that can leave a large mark on many different industries.
The unique attributes of blockchain provide many novel solutions to modern problems. Blockchain’s security guarantees can help to connect the many data silos in different industries. For example, a single patient’s health records could be stored in multiple databases. In order for a doctor to be able to provide the best possible care for a patient, they would need access to the patient’s full medical history. Storing healthcare records on a blockchain would allow for this data to be easily accessed by a doctor, while simultaneously keeping it secure from any tampering. Blockchain’s ability to create a safe platform for sensitive data to flow gives it the ability to provide unique answers to many types of problems. Electric vehicle batteries can longer operate vehicles when they degrade to 80% of their capacity. In order to ensure these batteries find a second life, blockchain can be implemented to create a circular economy. Tracking batteries using blockchain is a cost-efficient way to trace the supply chain and prevent waste.
I find blockchain’s security applications to be very interesting. Using blockchain to decentralize the access control mechanisms in a database would be interested. One of the key issues with a traditional centralized access control mechanism is that there is a single point of failure. Decentralizing the access controls by distributing the stored data can provide a number of beneficial safeguards. With access log stored as transactions on the blockchain, they gain immutability and prevent any attack from being hidden. The decentralization also makes data retrieval harder for an attacker because they would need to compromise a majority of the nodes on the blockchain.
