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Blockchain has been the buzzword of the year with countries trying to push the technology into their working systems. Bitcoin, Ethereum being the most popular; Blockchain is the real underlying technology that powers all the crypto currencies. The technology has been the new hype for the past year, but still people are struggling to understand what exactly this technology is and how it works.
Here is a complete guide to what Blockchain is and why should it be adopted.
What is Blockchain?
Blockchain is a digital ledger that has the list of records, called blocks linked with each other to form a chain that is secured using cryptography. The technology eliminates the role of the third party in keeping the transactions history safe. With high level of security and transparency of the transactions, the platform has been build to provide a better and safe financial system. It is a system of distributed data and logic giving a new definition to digital trust.
The Potential of Blockchain
This technology holds a huge potential that it can transform the business operating models completely. According to Wikipedia, It is a foundational technology that creates a new foundation for global economic and social systems rather than affecting a traditional business model as in the case of a disruptive technology.
The potential of Blockchain is compared to that of the Internet. It is believed to bring the similar revolutionizing disruption in the world around us as did the Internet years back. Due to this similar potential it is often called the ‘second internet’.
We have a proven record that the technology has been gaining a lot of popularity in the past few years. The surveys recorded in these years show how the numbers associated with it have changed from thousands to millions and now playing in billions. The revolutionary Blockchain technology has the potential to grow as Life-changing.
Applications and Use Cases
Blockchain is seen both disruptive as well as a supporting technology and big companies like Deloitte, Microsoft Azure have already started offering Blockchain based solutions for businesses.
Lets take an insight to how can we make it applicable to our business.
Smart contracting
Also known as self-executing contracts, Blockchain contracts, or digital contracts, are the contracts that are executed or enforced without human interaction. The contracts are converted to computer codes that are stored and supervised by the network of computers that run the Blockchain.
Audit trails
Here the audit trail are considerably more transparent and easy to access than that used by the banks. Blockchain reduces the possibility for errors when reconciling the data from multiple sources and provides safety by making the records non alterable.
Streamlining settlement
Marketers often have to deal with long time equity trade settlements. Working within the Blockchain framework would enable immediate settlement and bring about a huge benefit to the market parties. Facilitating real-time settlement it would bring an unparalleled level of automation and transparency
Blockchain is a foundational technology, but the way it has been affecting the industries it is seen as a disruptive technology. Industries like finance and real estate are seen to have a strong influence of Blockchain. Though complexity, size, cost and speed are seen to be the major drawbacks of the technology but still we see a great impact of its existence on various industries.
Blockchain is expected to bring in transparency and make the transactions more secure. Experts at Blockfutura work solely for Blockchain integrated businesses to get the best out of the technology. If you wish to integrate your business with this leading technology, contact us our experts, we are always here to help you.
More detailed information can be viewed at https://www.youtube.com/watch?v=ThWaGWGmcno
