If you have heard of blockchain technology, then you’re already ahead of many people that work in various fields such as finance, government, healthcare, and more. Yet, it’s always possible to expand your knowledge and understanding of how it works. In fact, what if you could learn from the best while taking a lucrative step toward mastering blockchain and applying those principles to your field?
MIT is synonymous with scientific, engineering, and overall professional brilliance. If a topic involves technology, the odds are high that someone connected with MIT either developed it or has a masterful knowledge of it. So, taking MIT coursework about something as innovative as blockchain technologies is nothing less than astounding.
However, it is also practical. Blockchain applications are rapidly expanding across the globe and have the transformative potential to revolutionize how various entities deal with information. Here are a few reasons why blockchain technology is not only something you should learn about, but a concept worth mastering.
Benefits of Blockchain Technologies
It’s a bit difficult to list every single benefit that blockchain technology can provide because so many industries could stand to apply it. As blockchain is a distributable electronic ledger system that can’t be altered after original input, its function has the ability to serve all fields. However, some of its attributes stand out above the rest.
The information in a blockchain aims for accuracy, providing data that is, in theory, correct and true. As the ledger system is immutable, or unable to be changed, whatever information that is sent and received is what it is. This creates a natural system of accountability. If something should change, or if someone fails to uphold a responsibility, it’s much easier to identify the actual source of the problem.
Lack of accountability in the workplace breeds mistrust and is part of what fosters a negative work environment. Using blockchain, responsible people and entities can be held accountable. Being held to a higher standard of accountability encourages people to do better. That’s a win-win for everyone.
What kind of praised technology doesn’t have amplified security measures that protect people and businesses? Blockchain technology has several systems in place to ensure security for any transaction or data that is transmitted. Data storage is spread throughout a network. Therefore, it is more difficult to hack or steal. User-to-user agreements and encryption that automatically connects to prior transactions also give blockchain an unprecedented lockdown that other types of electronic ledgers lack.
Provides Better Data
Did you know that bad data negatively impacts the U.S. economy to the earsplitting tune of a $3 trillion loss every year? This may be one of the reasons that blockchain technologies are so coveted and sorely needed in the private and public sectors.
Better data means less time and money is spent on finding accurate information, as well as correcting faulty data. Blockchain technology relies on the initial input of data to work. Should incorrect information be entered into the ledger, it’s there for everyone to see and evaluate. Correcting it would mean a complete overhaul of the entire transaction. Thus, upfront accuracy is highly encouraged — and typically achieved.
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