Blockchain innovations to watch

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Blockchain-innovations

Blockchain innovations

Blockchain innovations-Aside from its efficiency, blockchain’s success in the financial sector has been driven by another prized luxury: security. Its peer-to-peer verification system — which distributes the control once held by a single server to process massive amounts of data — has become a compelling solution for financial institutions. The online ledger’s immutability provides the assurance it will be safe from malicious outside forces.

But blockchain is also making waves in other industries. In the communication space, blockchain has already shown promise that it could help online users to better protect their data online.

Startups in Asia-Pacific are developing blockchain-based platforms and blockchain-enabled devices to introduce more advanced versions of communication platforms that consumers are already familiar with.

BeeChat: BeeChat is a showcase example of a decentralised messaging app that can provide high utility. Since its launch in 2017, it has attracted 10 million users worldwide. Developers made it available for download to Thai users early this year.

Aside from providing a cryptocurrency trading platform, BeeChat features end-to-end encryption so users can interact without the fear that their data and actions are being tracked.

When BeeChat messages are sent, they are turned into cryptocodes, so users are assured no one else reads or accesses the conversations and data they share. These codes are then turned into their original messages when it gets to the receiver.

The app runs on the Ethereum blockchain, so the way the codes travel from one server to another is untraceable, unlike VPN encryption, which still connects to a single server.

In these privacy-challenged times, ordinary citizens who may be sending confidential information such as credit card details and personal photos will find it useful.

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Article Credit: Bangkok Post

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