Blockchain isn’t just for cryptocurrencies, and more industries are developing ways to use the technology. Data validation, ID protection, payments, supply chain management, land registry are just some of the areas where blockchain is being utilized.
IBM and Hyperledger currently offer onboarding and validation via blockchain, though their solutions are geared for large international enterprises and are cost-prohibitive for average businesses. But other products like Aikon’s ORE ID offer tools and solutions that many java developers can use to integrate blockchain onboarding for businesses.
What is Blockchain?
Investopedia lays out the key aspects of blockchain, which, at its core, is a kind of database:
- Blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
- Different types of information can be stored on a blockchain.
- Blockchain can be used in a decentralized way so that no single person or group has control – rather, all users collectively retain control.
- Decentralized blockchains are immutable, which means that the data entered is irreversible. As an example, for bitcoin, this means that transactions are permanently recorded and viewable to anyone.
2019 marked the year that companies began to get serious about understanding and trying to leverage the advantages of blockchain technology. The global demand for blockchain engineers saw a 517 percent increase that year, according to the Hired recruitment portal. Huge investments are being made, across various types of industries, including tech companies, media, telecom, energy, and manufacturing.