Robert Brunner is the associate dean for innovation and chief disruption officer at the Gies College of Business at the University of Illinois Urbana-Champaign, where he helped spearhead efforts to create iBlock, the first blockchain created by a business school.

The biggest selling point about blockchains is that they’re public and transparent. You can see what’s on them. Right now, you’re limited to the offerings that are available to the public such as quarterly reports or statements to the Securities and Exchange Commission. You’re trusting that those reports are fair and accurate and that they weren’t leaked to a certain group of investors early who front-run the market to reap large profits. You have to trust that everybody’s playing by the same rules, the data is fair and accurate, and that whoever was auditing those statements and the company’s financials were fair and honest brokers. [1]

Figure 1. Harnessing the True Potential of Blockchain Technologies

Figure 1 shows now think about that an organization’s complete monetary information have been on a blockchain that was clear. You may go in, audit the books, and know instantaneously the worth of that firm. That form of transparency highlights the promise of blockchain expertise. The identical argument might be made for authorities knowledge, well being care knowledge, larger schooling knowledge and lots of different industries. There’s an enormous alternative for innovation right here, and we definitely don’t need to handcuff startups, researchers, or entrepreneurs to have the ability to do issues as a result of cryptocurrency, which makes use of blockchain expertise, is slumping within the markets proper now. [2]

However there are blockchain applied sciences, corresponding to zero-knowledge proofs and layer chains, that disguise some or all the information however allow functions to confirm data with out compromising safety. A easy instance could be that you simply in all probability don’t need everybody to understand how a lot cash you have got in your checking account, however you do desire a monetary entity or a person to know that you’ve sufficient cash to pay again a mortgage.

One other good instance could be highschool or school transcripts. Blockchain expertise would help you present restricted entry to that information to particular people or organizations. It’s potential that you simply don’t need everybody on the earth to know your grades out of your senior yr, however it might be nice to have a fast, straightforward means for others to confirm your diploma or to know the particular lessons you took at a given school. [3]

References:

1. https://www.eletimes.com/harnessing-the-true-potential-of-blockchain-technologies
2. https://rsci-technology.com/harnessing-the-true-potential-of-blockchain-applied-sciences/
3. https://cryptonewsbtc.org/2022/07/16/harnessing-the-true-potential-of-blockchain-technologies/

Cite this article:

Thanusri swetha J (2022), Harnessing the True Potential of Blockchain Technologies, Anatechmaz, pp.251