Blockchain technology enables the business to store the data or information. The tech is comprised of blocks of data and is connected forming a chain. In other words, blockchain is a distributed database. Bitcoin & blockchain both the terms are used interchangeably and closely related but not the same. Bitcoin (digital currency) uses blockchain technology to trade the digital currency. Blockchain is much more than what we think. Its applications are wider and assist in business operations. As per the latest reports, during the outbreak of COVID-19 blockchain technology could tackle the issues encountered by the supply chain.
The pandemic coronavirus has coerced the individuals to adopt work-from-home. Such a situation made it possible to spike up the demand for video conferencing. By late April all the individuals became cognizant about the different video conferencing apps that include Zoom, Google meet, WebEx, etc. Blockchain technologies are now entering into the platform of video conferencing ensuring more privacy and security features. Zoom applications gained high popularity when all the employees and other individuals had to perform their duties from home. An increase in the demand for Zoom was evident. The number of participants multiplied from 10 million to over 300 million participants by late April. When it comes to privacy and security, zoom failed to ensure it. There were unwanted intrusions of unknown individuals into the virtual meeting. Such a drawback questioned the privacy and security of different individuals.
The blockchain technology assures a safer virtual platform by leveraging the novel tech. Brave together is a privacy browser that enables users to make unlimited encrypted video calls. Sensorium is a blockchain-based virtual reality platform and has joined the Global Blockchain business council.
With the emergence of fully incentivized blockchain social media platforms, a push towards the social media decentralization media was evident. There are arguments concerning this blockchain technology that cannot store a large number of data. Blockchain can deliver social forums that allow free speech. To conclude blockchain is not a cure to mitigate the vulnerabilities prevailing in the video conferencing platform.