April 13, 2024
Facebooktwitterredditpinterestlinkedintumblrmail

There was a time when people didn’t really understand what blockchain technology was or how it worked and more importantly that it wasn’t bitcoin. That time was only a few years ago and since then bitcoin has become a household name and blockchain is understood a lot better.

Gone are the days of an iced tea company changing their name just to capitalize on the trend and spoof investors out of tens of millions, today we have real companies laying the groundwork for tomorrow and that is value. Those companies will be at the forefront of tomorrow’s technology and this is why Facebook changed its corporate name to Meta and Square changed its corporate name to Block. This is all for a reason beyond dodging legal issues, its setting up the brand that people will correlate to the technology that will change our lives forever.

Blockchain hasn’t even begun to see it’s time in the sun as far as I am concerned; there are so many ways blockchain can be used in order to make technology more efficient. It can make smart technology more secure while giving consumers and service companies the ability to not only monitor an appliance or device but also to securely transmit the details.

How about integrating blockchain into a University’s computer system so that it can not only have a true record of exams and attendance but how about a true record of graduates that is immutable. There will be more integration as time moves on but definitely for Universities this could be a key component to preventing fraud in the school system, protecting student records and giving teachers the tools they need.

Blockchain technology is integrated into every platform that MegaHoot has developed and it’s for a reason. That reason is that the integration of blockchain tightens up security and protects data. We’ve made that priority number one from the very beginning because without that then how is any platform looking at tomorrow and protecting their users today.

There was a time when many people were so afraid of big brother always watching over their shoulder, way back they even had secret underground meetings. Today those same people that were concerned about big brother watching have no issue with giving their personal data, identification and sensitive information to a Facebook, Amazon, Google or LinkedIn, they have no issue whatsoever. Sure they are getting free services that allow them to stay connected to the world but at what cost?

That is always the question, at what cost. Identity theft has grown tremendously with identities and credit card information being sold on the dark web. How about tracking of all your movements, what you do and have done, your likes and dislikes, all in the pursuit of giving a user the best experience but in reality it’s to advertise to you. Big Data, that is the key word that social media companies live and grow by however you will begin to see a pivot into paid products as people begin to learn that there are alternatives. As governments are pushed to changed things, even to the point of breaking companies up, now I don’t know if that is happening or not but things are changing that is for sure.

I drifted into big data because the breaches that we have seen over the past few years have occurred not on the user level but on the company level and that is scary. Just imagine if blockchain was integrated in some way, think about it, would that prevent fraud even if the bad actors had the credit card or bank information? If done the right way I say absolutely yes! Fraud could be mitigated and maybe even prevented in a lot of cases but financial services companies need to upgrade their systems with blockchain integrated into it from the beginning not as an afterthought. There comes the rub, a lot of these systems are older, legacy or just plain ancient, so that transition would be costly and timely.

So blockchain, it’s the key to unlocking great deal of things and the companies that have it across the board, well those companies will be your next round of leaders. Now I shy away from the word UNICORN because they don’t exist in reality, so lets call them thoroughbreds, more people can relate to a young winning stallion than an animal that doesn’t exist.

 

Louis Velazquez – CEO MegaHoot Technologies
www.megahoot.com
https://megahoot.net/profile/louisvelazquez

 

 

Print Friendly, PDF & Email
Facebooktwitterredditpinterestlinkedintumblrmail