Blockchain: Promise, Practice, And Application of The Next Internet Technology

Blockchain: Promise, Practice, And Application of The Next Internet Technology

Blockchain by definition is essential information being stored on public databases in secure files that can be distinguished through unique but similar cryptographic codes. Whether it is impulsive online shopping through Amazon, a movie stream, multinational companies tracking trade or conglomerates joining forces for innovation, blockchain is used in all fronts and walks of life in the modern-day.

Latest news trends show Ford, IBM and LG have joined forces to use blockchain to prevent child labour being used to mine minerals essential for making smartphones and electric cars. The three multinationals and China’s Huayou are using the technology to track cobalt mined in the Democratic Republic of Congo to support the supply chain of making batteries for Ford’s electric vehicles.

Mines in the impoverished central African nation have been found to exploit children as young as seven who are not only underpaid but also exposed to potentially lethal toxins. As a result, the four companies said they were using IBM’s blockchain platform to monitor cobalt through entries on a tamper-resistant database from the point that the mineral is extracted. IBM plans to use the pilot, which has been running since December, as a model for the rest of the automotive and consumer electronics industries.

Furthermore, the database that will be shared among the 4 companies will have secure data inlets which will allow only the respective companies to edit the data uploaded. However, access will be ensured for all the companies allowing for not only a smooth and efficient system to be in place but also for an IT function to shine light on a severe human rights issue and aid in reducing it.

Blockchain technology has seen a serious boost over recent years. Being tightly associated with cryptocurrencies, it became a subject of mainstream discussion and the present worldwide COVID-19 pandemic has led to a boost in the use of blockchain in this aspect. In times of this crisis and radical uncertainty, the search for alternatives that can improve present-day quality of life and ensure a sense of stability in the near future intensifies. As such, economic repercussions have given digital currencies a chance to shine and have put blockchain in the limelight yet again for its efficient algorithms. The aim is to ensure that a central-bank digital currency is made available to the public and allow the governments to securely send money directly to the people as part of a stimulus plan without having to check emails.

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