Going Beyond Cryptocurrency: Powerful Applications of Blockchain

How will it Impact the Communication/Collaboration Space?

“Blockchain” — we know it’s far more than just another buzzword, but what exactly does it do? The short answer is it’s a decentralized, unalterable and transparent ledger of transactions across a peer-to-peer network. To dive deeper into the “what” and “how” of blockchain, see our article from last month.

Quick Facts on the Rise of Blockchain

Exploring Applications of Blockchain

At the end of the day, what blockchain does is create a highly secure, reliable and transparent mode of running computer networks. And while it is oft-associated with cryptocurrency, blockchain has far more applications across the business landscape. Issam Andoni, a Forbes Technology Council contributor, highlighted a few in a recent article. According to him, blockchain is poised to make massive waves in the following three spaces:

  • Cryptocurrency
  • Identity
  • Real Estate

To explore Andoni’s commentary on blockchain’s impact on these markets, read the full Forbes article.

That’s Great, but What About Applications in Collaboration?

While not widely used in the collaboration space yet, blockchain presents a variety of opportunities for business leaders looking to create more secure, transparent communication networks, many of which were highlighted in a new No Jitter article from Chris Vitek.

According to Vitek, blockchain’s greatest near-term impact on business collaboration could be in the form of tightening telecom authentication policies. In traditional architectures where various voice, audio and web tools interplay across different telecom networks, the authentication process can add unnecessary steps and complications for users — especially wireless users.

Blockchain simplifies the complexity of telecom authentication in the same way it streamlines cryptocurrency transactions. Because it doesn’t require centralized sources of truth to authenticate user identity (like specific databases) and instead relies on consensus from every “block” in the “chain” for validation, the blockchain removes extra authentication steps for users and introduces greater transparency and tamper protection to the network. Put simply, rather than tying user authentication to a database (or databases) that hackers can paint with a bullseye, authentication just requires every user on a peer-to-peer network to agree that someone is who they say they are.

The benefits of this simplified, secure telecom authentication will surely grow as the demand for real-time communication increases. As noted in one of our previous articles, adoption of web real-time communication (WebRTC), an open-source project that embeds real-time communication in peer-to-peer networks, is becoming more and more mainstream. The use of blockchain would greatly streamline WebRTC by enabling users to bypass centralized server authentication altogether.

Get up to Speed on Other Disrupting Technologies

The opportunities for blockchain to enhance and improve business communication processes are there, but time will tell exactly how far that transformation will go. What’s most exciting is that blockchain isn’t the only innovative technology taking the business world by storm right now. You can take a closer look at the technologies disrupting the status quo by reading one of our recent articles.