Computer scientists explain why the post-crypto-crash future is bright with blockchain 2023

Yu Chen, Binghamton University (SUNY).

Blockchain systems are used to record financial transactions in cryptocurrencies like bitcoin. But a breakdown in public faith in cryptocurrencies like TerraUSD and a large decline in their market value does not indicate their underlying technology is useless.

This approach, which doesn’t utilize centralized storage and allows many individuals to securely engage even if they don’t know one other, has numerous additional uses.

As a computer scientist researching smart communication network technologies, I and many engineers and developers have shown that blockchain technology can solve many trust and security issues in next-generation network-based applications. Blockchains have many non-cryptocurrency uses.

Supply chains

Modern global supply networks demand vast amounts of information for the massive quantity of items sent worldwide. Data storage capacity, paper procedures, disconnected data systems, and incompatible data formats limit them. Traditional centralized data storage systems cannot efficiently trace problems like low-quality products.

Blockchains promote integrity, accountability, and traceability. IBM’s Food Trust tracks food from farms to shops via blockchain. The food supply chain’s blockchain simplifies tracking transactions.

Health care

Healthcare data ownership and privacy are major considerations. Centralized systems cannot address the different demands of patients, health service providers, insurance companies, and government organizations. Blockchain technology allows decentralized medical record access control that protects all parties.

Blockchain solutions let health care professionals securely exchange patients’ medical information and let patients trace who has accessed them and who is allowed to do so.

Financial institutions

Blockchain networks help finance and banking. The financial sector has realized that blockchain systems can hold information on traditional currencies like the dollar, euro, and yen and financial goods.

Blockchains allow users to track their transactions practically instantly from anywhere. Blockchains allow banks to transact safely and effectively.

Title deeds

Recording property rights manually is laborious and inefficient. Paper documentation is laborious, insecure, and time-consuming. Blockchain technology digitizes the whole process, eliminating inefficiencies, mistakes, and expense.

Blockchain technology ensure deed accuracy and permanence. Remote access is important to people in underdeveloped countries.

Voting

Voter privacy and vote validation appear incompatible. Blockchain technology may enable fair and transparent modern voting. Blockchain-enabled voting systems are nearly difficult to mess with, ensuring election transparency.

Blockchain-based voting proved secure and dependable in West Virginia’s November 2018 midterm elections.

Smart towns

Smart cities use information and communication technology to make their facilities, infrastructure, and services convenient, intelligent, and comfortable. Smart cities are data-sharing networks of gadgets. Smartphones, cars, power meters, public safety systems, and residences may be connected.

These systems demand performance, security, and privacy that centralized information systems cannot meet. Blockchain can improve operations, security, and trust in smart cities.

IT’s future is decentralized. Today’s centralized design fails to fulfill the increasingly diversified expectations of consumers who wish to customize their services, manage their digital assets, and more readily engage in democratic processes. Blockchain enables safe and durable decentralized information systems.

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