As the first cryptocurrency ever created, Bitcoin has spearheaded many developments in the world of digital finance. Bitcoin’s blockchain system is starting to be seen as a technology to implement in any field. Although the adoption of the Bitcoin system took a long time, the developments in its blockchain system are increasingly becoming relevant to all areas of digital technology. This system is not limited to use in cryptocurrency and investment, but also in other fields with digital data.
With many businesses adopting the Bitcoin blockchain system in their operations, we can see that it could revolutionize digital transactions worldwide. Aside from its usefulness in validating Bitcoin transactions, the blockchain system holds much potential to evolve to serve other functions. As a peer-to-peer system, from individual to individual, without a third party, it promises to solve the problems of personal data security, transaction data discrepancies, and fix many other issues. Here are seven problems that the blockchain system model can solve:
Companies engaged in large-scale industries, such as automotive, food, pharmaceutical, et cetera, will significantly benefit from adopting a blockchain system. Companies with many sales that sell their products or services to various parties can adopt blockchain systems into their order transaction processes to help with data collection. This allows companies to monitor incoming orders, track invoices, and enter payment data easily from start to finish.
The blockchain system benefits a company’s accounting data collection system. An accountant can easily verify asset ownership and record all data through the blockchain system. In addition, the solution offered by this system can also help an organization or company reduce operating costs by reducing the work that needs to be done manually by their team. However, it cannot replace the work of accountants completely. The technology can make a big difference in their financial system, but having individuals who perform audits professionally is still needed. When it comes to accounting, blockchain systems can act as an essential tool.
Social media is a platform that everyone can use for free. This is because all the personal data you provide and all the content on it is the product. To tackle this, the blockchain system in social media manages data ownership and security. The data security provided by blockchain supports social media users in controlling the use of their data within the network. Here users act as the primary owner of the content they create based on the blockchain system owned by social media.Users can then choose to benefit from their data and content. Unlike the current social media system, this system will not allow social media platforms to profit from user-generated data.
Fraud is a common problem in the insurance industry. Prospective buyers can see irregularities in the policy’s rules and get caught in tactics that violate the insurance company’s code of ethics, resulting in losses. For this reason, proper data collection is needed for clients and insurance providers. With a blockchain system that an individual cannot change, this technology can ensure fairness for both parties, including the claim process from the use of insurance itself.
A person may need more than one healthcare service in their lifetime (from a nutritionist for a child, to an internist and ob-gyn specialist for a pregnant woman). Implementing a blockchain system makes an individual’s health data universally accessible in a single document within the system. Thus, a patient’s lifetime health record can be accessed by all healthcare providers making it easier for a doctor to perform an in-depth diagnosis.
Public Service Administration
Document destruction is a common occurrence in public service systems. It is because thousands of files are stored in different cabinets and there is the potential for messy data organization to disrupt existing administrative procedures. Blockchain systems can fix this problem by providing a secure data platform for storing public data. This system feature makes it easier for administrative workers to store data records securely, easily navigate the existence of data , and speed up election data collection systems or population data compilation.
Overall, blockchain technology can eliminate the risk of cyber security threats in an organization or company. That is because existing data can only be accessed by individuals with official permission. And everyone in the network will immediately get a warning if one of them accesses data. This system guarantees data security with all accesses clearly recorded.
With all the issues discussed above, we can see that the blockchain system can be applied beyond the realm of economics and investment, but also to all industries that have digital data. By understanding this, we can better understand the influence of Bitcoin blockchain technology in this digital era. Later this system can also be used by other industries not mentioned above.