Blockchain technology and the transformation it has brought to the world |
Posted: January 28, 2022 |
In recent years, the concept of digital transformation has emerged as an area where businesses have been working intensively. The world's most valuable resource is no longer oil, but technology. Thanks to smartphones and the internet for making data far more valuable. In the past century, man has come a long way owing to science and technology. In the early ‘20s making a phone call from cell phones was a giant step towards digitalization. Little did we know that 20 years down the lane we will be drowning in the pool of technology.? From making your morning grocery bill payments to online shopping and banking, you just need to log into an app, avail of the services, sit back and relax. The 21st century has witnessed so many changes. New innovative technologies emerge every year. One such technology is the Blockchain technology. After being linked to cryptocurrencies, Blockchain is slowly seeping through different industries and is ready to change the world for the better. In this blog, we will shed some light on how this technology has the potential to transform the world forever. So keep reading. What is Blockchain?A blockchain can simply be defined as a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain enables data to be recorded in a secure digital format by providing real-time information on transactions between different parties, be they corporations, supplier networks, investment pools, or an international supply chain. The Platform of FutureAny new technology is able to survive as long as it can keep up with the competitors. Overtaking the internet, blockchain technology has taken a surge and is bound to challenge the established models. According to the reports by PwC blockchain technology potentially can boost the gross domestic product (GDP) by US$1.76 trillion over the next decade. A transformation can be seen in blockchain technology. By maintaining a good online reputation and feedback from the users, blockchain technology has gained the market place and there is no match in the proficiency, products, and services than before. Once the data is being stored in it, there is no chance for it to get lost or disrupted and is safely secured. Due to the safety of transactions, the new intermediaries have achieved returns in the era of digitalization. Blockchain technology is applicable in many fields such as the Healthcare, Banking, and finance sector. Many of the big companies have started using this technology and using it for everything from music to payments to products and services. For example Companies such as Microsoft and IBM are using blockchain technology with their customer base while others are on the verge of including this technology in the working. Benefits of BlockchainHave you thought of using Blockchain Technology for your business? If not, the following benefits of this technology might nudge you to consider this technology. So take a look at some of the key benefits of this technology and how it can transform different markets. 1. Better TransparencyCentralization is one such thing that stops something from being 100% transparent. Everything is being managed by peers at some level or the other and the authority to change and manage is not possible in other technologies. Blockchain technology works on a decentralized network and there is no authority which further helps in transparency. When it comes to organizations the transparency is one such thing that becomes more of value as every organization strives to achieve 100% transparency in its working model. 2. Enhanced SecurityWell, making hefty transactions online is really not safe, right? As a consumer, we are always afraid of online frauds, cybercrimes, etc. As compared to other platforms blockchain technology is pretty much safe to use as it utilizes advanced security than other record-keeping systems. Along with every transaction, another copy is created. Each copy is encrypted with the old copy and has a proper link. So suppose if any malicious activity happens the original one denies permission and further no one can do any activity or make changes to it. Also, blockchain is unchangeable i.e once data is written on it, it cannot be reversed by any means. 3. Reduced CostEvery business strives to achieve excellence based on certain parameters. One important parameter is a reduction in cost. Businesses try to cut down the cost in order to gain maximum profits. But hiring third parties may lead to additional costs. Blockchain technology can cut down a lot of costs which is involved in third parties as blockchain does not have any centralized player. There is no need to pay to the vendors which in a way helps in reducing the time as well as cost. 4. True TraceabilityRemember the time when postal services were used to send goods from one place to another and it was also not easy to track phones. As technology advances, we can track the order as and when placed. That includes the risk of misplacement of products, theft and loss of goods. Now many of the big companies with the help of blockchain can manage the supply chain which works well both by the vendor and suppliers. Blockchain technology has brought transparency in the supply flow and you can easily trace the good with the help of this technology. The companies can reap its advantage by implementing it in-house. 5. Improved Speed and EfficiencyIn this digital era, everything is available at the click of the mouse, and that too within no time. Blockchain integration with Artificial Intelligence helps in bringing efficiency and speed to the process. Earlier when keeping records of things was a task now with the help of Digi ledger every information is stored in that ledger automatically. This helps in saving a lot of time and also reduces manual labor. This automation process makes everything highly efficient and fast. One important advantage of this blockchain technology is that everything is stored in one place and is secured. 6. A New Digital EconomyNo wonder Blockchain technology has brought a technological revolution. Do you think the time-stamping ability and unchangeable feature of this technology have made this technology reach roots and branches? Well! definitely yes. This technology is being used in bitcoins to a large extent and other cryptocurrencies. Well owing to a lot of advantages this technology has it can drastically change the scale and scope of the online community. Final WordsBlockchain is a revolutionary technology that is now being used in every sector from finance to banking. It offers you the opportunity to alter the existing business models and create new ones. Blockchain technology, in all its forms, continues to evolve rapidly. Now that you know about the key benefits of this technology you can make out what wonders it can do if you implement it in your business model.
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