Blockchain and Its Impact on Communications and Beyond

Blockchain

When people see blockchain, the first thing they probably think of is cryptocurrencies and Bitcoin. No doubt blockchain has been thrust into the limelight by the unprecedented popularity of Bitcoin and the universe of cryptocurrencies, but blockchain is more than just a technology used in transactions.

Blockchain, simply put, is a distributed ledger of digital transactions whose records cannot be altered or destroyed, thus making them safe and secure. The closest analogy is that of transactions that people can see in their bank statement. Each transaction makes up a block in the chain.

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The technology not only has its uses in validating cryptocurrency mining but can also be used in other areas as well, as people are newly discovering every day.

Communications is one area where this technology is creating a transformation. The main feature of blockchain that makes it such a revolutionary technology is the security ingrained in it. Communications, whether it be between individuals or organizations, can be easily leaked or hacked and when we use the term ‘communications’ it also encompasses communications that have financial implications, such as the transfer of funds.

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Blockchain ensures that communications are completely secure. In fact, private messaging apps are being created on blockchain technology, so that organizations can communicate privately with their customers and other stakeholders. Blockchain ensures that messages cannot go astray. At the same time, the content of the messages does not get recorded in the ledger system.

One challenge in the world of communications is that entities use various platforms and some platforms are not available to everyone. Blockchain helps in instances like this by providing users authentication tokens. These authentication tokens can be used to display the conversation to everyone irrespective of the messaging application they are using. Their identities are validated with the tokens.

Featured image: DepositPhotos © Fotofabrika

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