I have never come across someone who wouldn’t like a more advanced technology giving more return on investment.
In this ever-evolving fast-paced world of technology and finance, a good return on investment is that everyone strives for.
And good thing is that considering all such factors day after day innovators are inventing new and more advanced technologies. Advanced technologies that assist to constantly improve business processes and make them more effective in generating revenues.
The list of such new technologies is never-ending. However, the front runner among all such technologies is none other than Blockchain Technology.
Yes that’s right!
But let me underline that considering Blockchain technology as a mere technology meant for digital currency is absolutely wrong. It goes beyond cryptocurrencies.
In fact, besides digital payments, it is gradually gaining massive acceptance and success in other fields also.
All in all, blockchain has opened infinite possibilities for all those who endeavour for success at breakneck speed.
Well! We all know about blockchain. Still for less technical people among us here’s a concise view of blockchain.
Besides this, you can also connect with blockchain experts to get handy insights about blockchain technology.
What is Blockchain Technology?
Blockchain is a decentralized software platform having a network of computing nodes or blocks. The information stored in these nodes is distributed and not copied and hence brings unique speed, and security. The unique feature of time stamp automatically verifies each transaction giving it an extra layer of security.
The most exciting feature is that each block is permanent, unalterable and managed by a peer-to-peer network collectively following a protocol. The crux here is that all the information stored on it is shared and is reconciled continuously by all users.
Further, decentralization here means distributed control having no external interferences and no particular point of breakdown. In short, it not only assists to maintain a digital record of financial transactions but also of anything having value.
So, by and large, we can conclude that blockchain has brought the following benefits:
- Improved efficiency
- Improved transparency
- Improved security
- Improved autonomy
Read More: What is Blockchain Technology?
Few Milestones In The Rise Of Blockchain Technology
Infographic Source: https://www.hiddenbrains.com/blog/blockchain-will-revolutionize-industries.html
Coming to the rise of blockchain technology!
Since its inception blockchain has created successful ripples in the business world. But the year 2017 is special in the sense that in this technology has seen a phenomenal growth.
Rise of Bitcoin value by 1,700% is a testimony showing increased confidence of people in a blockchain powered system.
That’s why many companies are now embracing this technology to make their business processes more streamlined.
In fact, the majority of fortune 500 companies are now accepting and adopting it quickly to create a better future. As per many analysts by the year 2025, 55% of healthcare applications will depend on blockchain.
The size of the blockchain industry is expected to touch the figure of 20$ billion by 2014. That’s why many government agencies are now planning to invest in it to harness its benefits.
In short, it has the potential to alter the course of the traditional way of trading. The quest to explore new possible opportunities is pushing progressive non-financial businesses to find new ways to utilize it. But this is just a beginning and many more such advancements are expected in coming days.
Why Do All Businesses need To Adopt Blockchain Technology?
Giving the ability to deliver value to all its user’s blockchain is destined to provide many benefits for multiple industries. Key factors to adopt it are:
1. Smart contracts
It is a pre-written programming code that executes on-its-own after completion of certain commands. So, smart contracts act as a vital feature to perform safe financial transactions or other sorts of business operations. Eliminating intermediates various industries can apply these as simple automated functions to streamlines their business operations.
2. Increased cybersecurity
Completely decentralized and autonomous nature of the blockchain platform means it is not controlled by any single entity. To put in other words millions of independent yet interlinked users are maintaining its public ledger. Therefore, being a distributed network it becomes literally impossible for hackers to hack it. So, it makes the digital world a more secure and smart place to operate.
3. Eases crowdfunding
Initial Coin Offering (ICO) or crowdfunding is a convenient fast digital way to gather finances for start-ups or other projects. Rising out of the customary financial system in ICO crypto assets or tokens are released to investors for investing capital. Blockchain is the driving force behind Any ICO. With each passing day, businesses are discovering new ways to utilize this technology for launching their ICO. In short, it is making the financial ecosystem wider thereby assisting a lot in economic cooperation.
Read More: Benefits of Crowdfunding
4. Improves data storage and management
Not just as a payment medium blockchain can be applied to store data securely. Now, as the network is completely distributed hence chances of theft, damage and hacking are negligible. Moreover, as no single entity is in control, therefore, transfer and streaming is pretty quick.
5. Enhanced transparency
Consumer nowadays is well aware of their rights. Hence prefer products or services of companies that bring in transparency in their operations. And that’s exactly the blockchain is meant for. It has a unique time stamp feature which makes it easy for consumers to verify any operations authenticity.
6. Safeguards copyright of the intellectual property
With the advancement and widespread usage of the Internet, people are losing control over their intellectual property. This obviously is resulting in the loss of millions of dollars to individuals as well as to companies. By automating the whole process smart contract of blockchain effectively addresses copyright issues.
Chances are like the majority of businesses you too are in a state of dilemma about the fate of blockchain.
But let me highlight Blockchain is a revolutionary technology having tremendous potential to reduce operational costs and fraud issues. To bring the paradigm shift in your business all you need to do is to keep all fundamentals right.
It is also a good idea to implement blockchain based on your requirement and findings in your business.
In nutshell, holding a great deal of opportunities in coming year’s businesses without blockchain will be like a cart without wheels.
Need further assistance to get started and adopt blockchain technology? Quickly connect with the top blockchain development company of your region.