There’s more to gain from Blockchain – Expanding possibilities
It’s not very often that a paradigm-shifting innovation explodes the technological world unlocking new potentials for significant societal change. Just as the telephone, the wheel, and electricity have been vital game-changers in history, Blockchain has also taken the world by storm since its invention.
Blockchain has been around for quite a while, but in recent years it has gained momentum and generated curiosity among businesses across various industries. Everyone associates the term blockchain with Bitcoin, but it is much more than just a digital currency.
Have you ever purchased a product labeled as fair trade? What about when you meet someone on a dating platform? Can you trust the information that’s provided to you? Today, society is filled with trust issues and uncertainty. Thus, we require a strong, secure, and infallible peer-to-peer network that records only authentic information. This type of system is referred to as Blockchain.
Relatively new to the world, Blockchain is basically a decentralized database which is not owned by anyone, rather important information is fragmented into various pieces or blocks and stored over various personal computers where there is no middleman. Conventional databases like spreadsheet run on a single computer, whereas blockchain distributes the spreadsheet so that it runs on millions of computers eliminating the risk of corruption. It basically uses the state-of-the-art cryptography, so that once the information goes in, people can access it but information cannot come out without any original passcode.
Because Blockchain replaces the middleman it has become popular among forward-thinking firms investing hugely in this latest-breed foundational technology to become the disrupter rather than disrupted by building innovative applications.
Did you know even the world’s biggest diamond company DeBeers Group uses blockchain to track the sale as well as the import of diamonds? This helps them provide transparency along the entire route until the final product is out in the market. From mines to users they ensure their customers get access to only authentic product what they are paying for.
Some additional advantages of the much-talked-about technology include:
- The ability to settle transactions and close deals automatically
- Improved data security and applications stored on the platform
- Enhanced operational performance thanks to faster and reliable transactions
- Contract and fraud management
- Businesses can easily monitor and trace the origin of user activity, to provide every user visibility into authorized transactions
Trends in blockchain impacting a large number of industries
- Artificial Intelligence: Referring to the concept of thinking machines where machines think and act like human – Artificial intelligence is bringing in winds of change. To make these highly intelligent machines function, it requires access to big data and Blockchain has made access to big data quite economical.
- Smart Contracts Hugely popular, smart contracts are changing the foundations of commerce. These are coded programs that run on top of a blockchain containing a set of rules under which parties agree to interact with each other. It is the simplest form of decentralized automation involving digital assets. Few parties deposit these digital assets into smart contracts which automatically get redistributed according to certain formulas and data, which are unknown at the time of contract initiation.
- Wallet Development Blockchain wallets refer to a digital wallet allowing users to earn, monitor and transfer virtual currencies. Developed parallel to digital currency Bitcoin – to securely store the money, eWallet is secured with a combination of public and private keys, making transferring secure, convenient, and safe.
- Cybersecurity With the rise in the cyber-attacks and hacks, there is a huge need for a secure system to reduce this threat. Therefore Blockchain in combination with Cryptocurrency is considered the epitome of security replacing all the traditional ways. The future of cybersecurity is really strong!
- Etherium A similar concept to Bitcoin, it is essentially a combination of cryptocurrency and smart contract. Designed using the powerful programming language Solidity, it was developed keeping the smart contract concept in mind to make it error-free.
- Private Networks Private networks also need security to keep user information safe and secure. Blockchain technology is the ideal platform to give high-tech security to private networks by fragmenting the information across various computers encrypted.
Industrial players affected by most sought after advancement – Blockchain
- Banking: Blockchain not only helps users to exchange money faster, securely and more efficiently but it also helps banks to improve their transactions. Also, the chance of collapse is reduced on a blockchain system as there is no central “vault”. It’s as if each person has its own virtual private locker which no one can access.
- Healthcare: Healthcare is one of the most versatile sectors adopting blockchain. It bridges the gap between patient and service care providers by allowing doctors access to a patient’s health records securely and easily from anywhere at any time.
- Government: Blockchain helps to reduce bureaucracy and boosts transparency, security, and efficiency. Issues like welfare and unemployment can be easily verified and addressed, even votes can be counted effortlessly and legitimacy can be confirmed.
- Education: Promoting online education, now students can get secure access to verified manuscripts or educational records. This can also promote universities and large institute’s collaboration. Grades and records can now be easily transferrable.
- Rentals and Ride-sharing: The biggest player in the market, Uber, is unlocking the full potential of blockchain by creating a true peer-to-peer network for ride-sharing apps, thus enabling car owners automatically pay for things like fuel, parking, and tolls. This has opened gates for all the products from books to furniture jump on the bandwagon.
RELIABLE BLOCKCHAIN DEVELOPMENT COMPANY
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Why choose us for blockchain development?
Our services for blockchain development
- Digital Wallet Development
- Smart Contracts
- Records management platform
- Cryptocurrency app development
- Crypto coin exchange
- Supply chain management platform
The next big thing is here, is your business ready? We can help you with the decentralized blockchain technology cutting-edge solutions to make your business compliant for the future. As your trusted partner, we will provide you with ROI-generating applications while you sit back and focus on what really matters. Get in touch for undisputable niche products.
