Blockchain is known for its ability to immutably and transparently track and record data. While it began as ‘that Bitcoin technology’, over time it’s becoming more recognised for its ability to track and secure data. But what is it that makes blockchain better at recording data?

Blockchain vs. traditional tech

There are a few things that set blockchain about from traditional forms of data storage. These include:

  • Its immutability. Data stored on the blockchain cannot be deleted or changed without it being visible to the entire network.
  • Its security. Blockchain is inherently secure because of the way it functions. A unique blockchain hash is created using an algorithm to encrypt the inputted data. This hash is very difficult, if not impossible, to break.
  • Its decentralised nature. Data on the blockchain isn’t stored on any one server. This means that it’s a lot less vulnerable to manipulation.

Each of these attributes set blockchain technology apart from traditional database storage. This means that data backed by the promise of blockchain technology is naturally more secure than data stored on a traditional database.

This provides a level of security and transparency that would not otherwise be accessible.

What are the ideal opportunities for blockchain technology?

The opportunities for blockchain technology are vast, but they largely target areas which demand high trust – for example, banking, precious company data and supply chain data.

Take the supply chain: it demands trust at every point, whether for company efficiency, cost saving or ESG standards. Yet the current supply chain lacks trust. It still, in many cases, uses traditional methods of data storage. Here’s where blockchain comes in.

Blockchain provides an easy-to-access, decentralised and transparent method of data recording. When used to back platforms, it can be deliver massive cost savings and efficiency to global companies.

Blockhead Technologies’ STAMP is a blockchain-enabled platform that’s designed to track any kind of data. It has applications in the fuel tracking, supply chain management and gold tracking sectors, as well as a variety of others. You can find out more about STAMP here.