Blockchain is commonly associated with cryptocurrency for its cybersecurity value.
However, blockchain technology is evolving into other realms of usefulness. For example, blockchain can be used in cloud storage. Centralized servers can pose a high risk of data hacking, loss, or human errors. Cloud storage can be made more secure and robust against hacking with the implementation of Blockchain technology, just like its application in cybersecurity.
Blockchain technology also has a role in IoT and networking. Companies such as IBM and Samsung are adopting Blockchain technology to develop a distributed network of IoT devices.
The concept is called ADEPT and it aims to remove the centralized location for the management of communication between devices for activities that include software upgrades, error handling, observing energy practices, etc.
Supply chain management and digital advertising also benefit from blockchain technology.
Experts in this field believe that blockchain has the potential to prevent the loss of revenue from black- or grey-market products and avoid reputational damage. Additionally, through traceability, Blockchain can also ensure the fair trade status and legitimacy of products.
The use of blockchain can also reduce time delays and human errors and monitor employment, costs, and releases at each step of the supply chain.
Owing to the challenges faced by digital advertising, including bot traffic, lack of transparency, domain fraud, inefficient payment models, etc., promoters and publishers have a difficult time due to the bad players.
Through its transparency and reliability, blockchain has been found to resolve such issues in the supply chain.
Many feel that soon, advertisement-related transactions can be better dealt with by employing blockchain technology.
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