Blockchain is a distributed form of record-keeping (transactions, data, other information), which has been verified and supported by others on the network. The implication of this is that every transaction made is genuine, credible, and safe. In this article, we are going to look at the influence Blockchain technology can have on world affairs. We will also try to discuss some industries, which can benefit greatly from Blockchain adoption.
Blockchain Technology: What you need to know?
Experts who are working with Blockchain technology say that it is the single biggest instrument to build trust in a digital world. Whenever we are doing business using the internet, we are always concerned about the trust factor. You cannot physically verify someone sitting thousands of miles away.
In order to solve this issue, Blockchain tries to successfully address the trust deficit. It uses private cryptography to prove credentials and ascertain ownership and authentication.
However, in addition to authentication, it also emphasizes authority. For example, someone who is buying goods or raw materials and placing orders for the same. How do you know he has the money to make the complete payment?
Blockchain helps with this by maintaining a record of everything that the person possesses. This means that the payment will not go through unless the sender has the desired amount in his possession.
The Impact of Blockchain for the World’s Industries
While Blockchain emerged as a payment network system for Bitcoin, it has in recent years been experimented upon as a standalone technology.
The following are some of the industries and sectors that are working with Blockchain technology-
- Logistics and Supply
- Healthcare and Medical
- Legal
- Government Departments
- Fintech
All these industries require fast, secure, and instant movement of data to boost efficiency, register transactions, and share information. The faster the flow of information, payments, or data, the better will be the resultant outcome from the same.
Blockchain allows for this because of its decentralized and distributed nature. It works as it creates a digital database of every record that takes place. Anything, which is not signed off by the nodes (verification points) does not go through.
Blockchain as the same suggests is composed of blocks. A block contains three major elements- the information, the time of the process being initiated, and the digital signatures of the parties concerned.
How the World can Benefit from Blockchain Technology
Imagine being a business of the size and scale of Amazon. Millions of transactions are taking place every single day. Can someone with a pen and a paper possibly keep a record of everything? The answer is No!
1. Credible and Instant Record Keeping-
By using a Blockchain, businesses do not need to worry about record-keeping as everything is getting recorded the moment it happens. You can say that the same can also be done on any Payments Network, however, the efficiency, of the same is quite low.
2. No Commissions and Verifications by External bodies-
Blockchain does not require a third party to verify transactions like a bank. This means that the commission fee charged by banks can be saved between the parties. Over a period of time, the money saved can be used by businesses and individuals in other areas.
3. Enhanced Safety and Security-
While sending data over the internet, you are always worried about third-parties snooping around and selling the same to anti-social elements. With Blockchain, you do not have to worry about your private and confidential data being privy to anyone else.
The Final Word
Many predict that 2021 is going to be the year when Blockchain technology starts realizing its fullest potential. With several of the biggest names in healthcare and finance investments in tech, it is only a matter of time that all of us start using Blockchain for our payment processing needs. If you wish to invest in Bitcoins or Blockchain technology following link will help you.
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