Over the past few years, there has been a lot of buzz about the extensibility of blockchain technology, with applications in cybersecurity, data science and software engineering on the rise. Blockchain is widely used, and data science is still catching up with other industries when it comes to blockchain, and it certainly hasn't reached its full potential. Still, blockchain has potential and practical uses in the field.
Blockchains provide public information about transactions. This is useful for data scientists because it ensures that the information they use is accurate and original. In addition to providing useful information about other industries, blockchains could potentially be used to store data specifically for public research. Data scientists can pull data from the same data pool rather than from other records, and they can trust it because they know it's safe.
Essentially, blockchain is secure, which means it's perfect for cybersecurity. The decentralized nature of blockchain makes it available for a wide range of security-dependent applications, and better end-to-end encryption clearly applies to many different industries. Blockchain can also help prevent designated denial-of-service attacks by dispersing DNS entries. Cryptocurrencies and finance largely benefit from this security, but it also has other potential applications.
Many different companies use blockchain to some extent to help maintain security, and many financial institutions are already using smart contracts, which are agreements that are not fulfilled until certain conditions are met. Smart contracts are executed and stored on decentralized ledgers, and other companies use blockchain to help protect the data transfer of sensitive information.