What, Why, and How of Blockchain Technology

Blockchain is much more than you know. In the world of technology, Blockchain has proven to be the biggest blessing in the times when business data theft and fraud are rising. Undoubtedly, the blockchain phenomenon has become mainstream and making its way to almost all sectors with a complete suite of services and phenomenal benefits. 

Blockchain technology is the buzzword in the business market nowadays. However, this stands for a reason; the technology has the potential to protect the complex and large business blocks or can say records. 

 As we know, businesses are all about offering services, verifying processes, settling things, and getting paid, this seems to be an easy process is highly crucial to maintain. 

But, with Blockchain optimizing business operations is peace of mind. 

Let’s begin with a quick introduction to Blockchain…

Blockchain, also popular as distributed ledger technology provides a secure platform to all types and sizes of businesses to record transactions and it also keeps a track of assets seamlessly. This shared, immutable ledger tracks tangible and intangible items in real-time. Faster processing and accurate information are the backbones of every business. The technology provides immediate and secure access to the users in the network. Smart Contracts (Set of Rules), Immutable Records, and Shared Ledger are the key elements of blockchain. 

Did you know that the global blockchain market size is expected to reach US$15.1 Billion by 2024? 

Blockchain technology is playing a vital role in different industries. Be it the Education sector, Crypto currencies, Public Sector, Business, or else, blockchain has become the best fit for all. It has been creating a great impact with its wide range of benefits. Take a look: 

• Transparency 

Privacy and trust are always a matter of concern when it comes to blockchain. But, with time, the technology has given endless evidence of its transparency. It keeps a record of transaction history and provides a complete decentralized network to businesses. In all sectors, especially in government, the processes and voting can be simplified with Blockchain. 

• Data Ownership 

In general, ownership means taking responsibility. The users can enjoy complete control over the data and get detailed information on who accesses the data and when. The decentralized ledger system provides a solution to improve and speed up data ownership. The verification of third-parties is done to ensure the safety of the data. 

• High Security 

Is blockchain technology completely secure?’ High efficiency, minimal risks are the biggest benefits that can be availed with blockchain technology. It has transformed the way records and transactions are stored and saved. The cryptographic algorithms in blockchain foster security. 

• Increased Speed

The high transaction speed is the reason for the speedy adoption of blockchain technologies worldwide. With the advanced blockchains in place, thousands of transactions can be processed at a single point in time. The transaction speed depends upon a number of factors like record time, record size, fees, and network traffic. 

Uncover the Facts about Blockchain 

• Since 2018, 90% of US and European Banks have been harnessing the power of blockchain technology. 
• With a powerful security system, blockchain technology has made 74% of tech-savvy believe that the technology is potentially growing platform for businesses. 
• From $5 million to $10 million investments are expected to be made in the coming years. 
• Internet of Things is getting a boost with the increased use and popularity of blockchain technology. 
• In Food Supply Chain, blockchain technology is providing ease to efficiently and securely distribute data. 
• By 2028, the food and agriculture market is estimated to reach $1.4 billion. 

 In addition, there are a number of myths associated with Blockchain like All Blockchains are Open, Blockchain Technology is Immutable, Blockchain is the key to every business problem, and more.

The Future of Blockchain 

Whether you talk about Finance Industry, Digital Advertising, Networking, and more, the future of blockchain are bright. In the year 2021, the technology will add much more surprises and will garner the attention of every industry. 

The blockchain is closely associated with cryptocurrency which makes the concept more powerful. The blockchain has left no corner to be untouched. 

Along with making the sharing and data accessing easier, it features peer-to-peer networks, which involves transferring transactions from one peer to another with no interference of central agency.   

 Let blockchain technology streamlines your business operations in minutes!

Also Read: Artificial Intelligence- Why it is Essential for Survival?