Bitcoin, cryptocurrencies, blockchain – these are all buzzwords that have been floating around the news for some time now, but not everyone truly understands the ins and outs of just what these new technologies can offer. While understanding what every one of the words means can be beneficial for those working in the financial industry, those of us on a more consumer scale may be wondering exactly what they can do for us. As far as blockchain is concerned, the answer is a lot. Here, we’re exploring what blockchain technology is and how it can help improve communication efficiency.
What Is Blockchain?
A blockchain is essentially a digital ledger that stores encrypted bits of data in ‘blocks’. These blocks tend to made up of a set number of different entries which could be anything from a monetary transaction, activity on a trading platform, or even a smart contract on some networks. This provides a secure, practically anonymous but transparent ledger and in terms of data storage, this is undeniably important. Another point of note is that blockchain technology is decentralised, meaning that there is no need for a third party host. Instead, the blockchain is hosted across a number of ‘nodes’ in a network, creating a completely self-sufficient process that has no single party regulation.
So, how can this effect communication efficiency? Read on to find out.
So, How Can It Help?
Through using blockchain within communication, everything from our email inboxes to instant messaging could benefit from improved efficiency. The protection of our data, the speed at which messages can be sent and processed and even our ability to communicate without censorship can all be utilised through blockchain, and here’s how:
Through the use of this decentralised and encrypted network, we could be well on our way to protecting our data and our messages. With Facebook (News - Alert) admitting earlier this year that it has systems in place to police messaging and with the scandal relating to the selling of data to Cambridge Analytica, concerns have been flagged up by users that the social media sites that we use can track our messages and data, even down to the contacts we store on our phones. Through the use of blockchain technology within messaging, users could have peace of mind knowing that their data was encrypted with decryption only available to those with a specific private key or access permission.
While instant messaging is already ‘instant’, the speed at which other forms of communication can be sent online could be massively improved by blockchain technology. Emails, document transfers, cloud storage and more could be passed over the blockchain and due to the fact that all transactions are validated by a member of the network, this could make the entire process much more streamlined.
Censorship is becoming a much more prominent issue in today’s society, with concerns regarding regulation on what we can send, say and do online. Through blockchain technology, the decentralised nature of this ledger makes it possible to essentially send whatever you like without the interference of a third party. Freedom of speech is a human right, and for those who are feeling censored, being able to send messages without concerns of blocking, tracking or censorship is a must.
Blockchain technology has a lot of potential when it comes to communication efficiency; from improved protection of the data and the messages that we send to the ability to communicate and get our voice out there without threat of censorship, the introduction of blockchain into everyday communication seems like a necessary addition. What do you think?
