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 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 crypto currencies.
In fact, beside 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 break neck 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 network of computing nodes or blocks. The information stored in these nodes is distributed and not copied and hence brings unique speed, and security. Unique feature of time stamp automatically verifies each transaction giving it a extra layer of security.
Most exciting feature is that each block is permanent, unalterable and managed by a peer-to-peer network collectively following a protocol. 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 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 year 2017 is special in a 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, 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 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 traditional way of trading. 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 All Businesses Need To Adopt Blockchain Technology?
Giving ability to deliver value to all its users 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 acts as a vital feature to perform safe financial transactions or other sort of business operations. Eliminating intermediates various industries can apply these as simple automated functions to streamlines their business operations.
2. Increased cyber security
Completely decentralized and autonomous nature of 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 become literally impossible for hackers to hack it. So, it makes 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 customary financial system in an 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 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 now-a-day’s are 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 unique time stamp feature which makes it easy for consumers to verify any operations authenticity.
6. Safeguards copyright of intellectual property
With the advancement and widespread usage of Internet people are losing control over their intellectual property. This obviously is resulting in 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 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 you requirement and findings in your business.
In nut shell, holding great deal of opportunities in coming year’s businesses without blockchain will be like cart without wheels.
Need further assistance to get started and adopt blockchain technology? Quickly connect with the top blockchain development company of your region.