Cryptocurrencies are now worth hundreds of millions of dollars on the global exchanges, an incredible feat achieved in a very short period of time. The technology behind these currencies combines cryptography with decentralized records. A process that creates a truly secure online asset that can not be copied or moved once finished. This new technology is known as blockchain technology; and it is about to change how the internet operates, as well as how your secure information is stored. Here are just a few examples of everyday file systems that will soon be changed forever.
Movies, Music, And Books,… Oh, my!
Entertainment companies deal with piracy everyday, a problem that has only grown since the early days of Napster. An always constant thorn-in-the-side that has global reach, destroying the old production business models, which in turn, hurt agencies and artists alike.
Gone forever are the days of selling one copy of a movie or song to one buyer. Especially since that one sale can be pirated, uploaded to the internet, and shared for free to millions of people in a matter of minutes. A process that cuts the production agency and the artist out of a big chunk of revenue they may have generated otherwise. However, there is hope…
Blockchain Technology can potentially put an end to this form of piracy, returning control back to the entertainment industry and the artists. The same protocols that prevent blockchain files, like cryptocurrency, from unauthorized use could also protect music, movie, and book files.
Execution of Contracts: Legal & Business
Some cryptocurrency technology, like Ethereum, is built on self-executing contracts. What this means is that after parties reach an agreement, and the agreement is fulfilled, the contract automatically transfers its cryptocurrency from one of the parties to the other.
How can this tech make things better? Well, besides the contracts being in blockchain secured files, the chances of needing an enforcement of the agreement to be initiated for any reason is minimal. This is because once a contract is signed, the program would immediately alert the bank on signing and remove the funds automatically. Everyone, therefore, gets what they were expecting from the contact on signing.
Protecting Your Identity
But, here’s a big one,… identity theft. In 2017, 16.7 million people were victims of identity theft. Yup, 16.7 million. Why,… well the internet, with its centralized information systems, and the amount of personal information that is collected by businesses and social media allows for a hacker’s paradise.
Blockchain will totally rewrite the playing field. Decentralized systems allow documents and files to be stored on multiple servers, not just one. Also, Blockchain systems always ask for a personal identity record to access files, rather than asking for information that can be copied, like a social security number. This makes it impossible for anyone without the key to access the encrypted data.
Although blockchain technology needs further development to be applied to something like music files, the programming and basics are there. The unique way blockchain operates will soon change the internet, and our interaction with it, on a fundamental level. That is the future of blockchain.