The Huge Potential of Blockchain Technology

Blockchain is a technology that has enormous potential for use. Today, blockchain is still generally viewed only as something related to crypto assets. There are many benefits of blockchain technology that are not widely known to the public.

Blockchain is a technology used as a storage system or digital data bank connected to cryptography. Based on the “2021 Indonesia Crypto Asset Report” research conducted by Coin Folks, Indonesia has several potential blockchain applications. Usually, blockchain technology is applied to the financial sector. Still, some research currently focuses on using blockchain in other industrial sectors.

First, blockchain is used for the e-voting system in elections. Blockchain is considered appropriate as an alternative technology to store and secure voter data. Nothing is impossible, the implementation of the 2024 election can use blockchain technology in its electoral system. With blockchain, voting systems can be more auditable, indisputable, open, and transparent. The reason is that everything will be recorded in the blockchain network.

The second use of blockchain is to make Non-Fungible Tokens (NFT) for land certificates. Blockchain can make NFT not just a work of digital art but rather a proof of ownership of an asset that is permanently recorded in the blockchain network. Land certificate issues can be solved if all documents are registered as NFT in the blockchain network.

Blockchain technology can also be used in the healthcare industry, where a lot of data is generated in this sector. With blockchain, all existing data can be sustainable. They started by storing patient medical history data, transferring data securely, managing the supply chain of medical equipment and drugs, to assisting researchers in processing the genetic code.

As previously mentioned, there are many opportunities to be able to take advantage of this blockchain technology other than in the cryptocurrency sector. Indeed, the main sector that can take advantage of this technology is the financial sector.

Each new technological development certainly has its element of excellence. Likewise, in the field of blockchain technology. The advantages that its users can obtain are pretty diverse. Among others are:

1. Transparent Transaction System

Blockchain can store transaction data securely and transparently. When making transactions, there is public access that everyone can see without having to have login access. This is certainly different from the banking system in general.

2. Guaranteed Data Security

There is a verification system by miners or miners before it is executed on many computers. The database structure is appended only or can only be added and does not have edit command access. So, hackers will not be able to hack or social engineering to change the data in it.

3. More Efficient

The conventional currency transaction process will take a lot of time, and a human error factor is involved in it. However, blockchain technology makes transactions more efficient, fast, and secure.

4. Guaranteed Security

Blockchain is equipped with the advantages of encryption with cryptography. So, transaction security is not a problem. By using cryptography, transaction history cannot be changed because it is encrypted. So that it can minimize fraud.

5. Better Audit System

One of the important functions of blockchain technology is its auditability. Everyone can view and track transaction data, making it possible to find out the audit trail of an asset. No more potential exists for embezzling corruption funds because transaction data is public, immutable, and append-only.

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