Blockchain, although new technology, is on a verge of changing how businesses function. These technologies are called general due to the impact people face in their daily lives. The growing technology revolution of blockchain is due to the rise of other technology, such as cloud computing and AI.
This technology was developed for a single purpose – to keep and distribute data. But with time, the purpose of this technology expanded to different functions.
Over USD 2-billion was invested in blockchain technology last year. Also, as estimated by WinterGreen Research, blockchain technology is predicted to rise beyond USD 60 billion BY 2024. The report also states that the growth of blockchain is moving rapidly as digital technology takes over the current market.
Blockchain is responsible for enabling technology to help financial institutions such as banks pivot into the modern age of real-time processing.
Are there any challenges faced by people today?
- For an international transaction to happen, it takes an average of three to four days which is longer than expected.
- Huge manpower is needed to collect, record, and keep the books safe on both ends.
- There is a lack of transparency and security, with more hackers and bots rising.
- It is prone to human errors.
Why choose blockchain technology?
Let us discuss why blockchain technology is predicted to be the future of transactions.
Offers a real-time tracking system
The management of the supply chain is complicated. It can take days or weeks for the payment to get processed between the customer, vendor, supplier, and manufacturer. Also, these contracts are being handled by bankers and, at times, lawyers, for which extra costs are added and the possibility of delays.
Blockchain offers the ability of transparency and traceability, thus eliminating perennial issues.
Transparency
Blockchain produces a single ledger without needing third-party validation. Therefore, this eliminates the danger of a single withholding all the data information.
Foster trust
In a blockchain, the information or data is hosted in a peer-to-peer decentralized network instead of a centralized network.
Blockchain in Digital Advertising
Promoters and publishers struggle with the bad players and the difficulties with digital advertising, such as bot traffic, a lack of transparency, domain fraud, ineffective payment structures, etc. Blockchain has been discovered to help supply chain problems by being transparent and dependable. By using this technology, advertising-related transactions can be handled more effectively.
Governments’ Use of National Digital Currencies
2017 saw a significant increase in the value of Bitcoin, unlike any other service or form of money. Cryptocurrency is regarded as one of the most valuable assets on the market. The fundamental idea of supply and demand does not determine the value of Bitcoin. Even with a fixed cap of 21 million units, the demand for Bitcoin will increase again. Governments are likely to develop their own digital currencies and participate in an open market. This nation’s digital currency may also represent Blockchain technology’s potential in the future.
Blockchain offers compatibility with the Internet of Things (IoT)
The IoT market is predicted to reach 50 billion by 2022.
With the help of blockchain, IoT will require more security as companies will start using devices to track their products. The exchange of information will also become easier.
Can be used both privately and publicly
For instance, Bitcoin allows everyone worldwide to become a part of their peer-to-peer network. But the public system takes more time as compared to the private system, where only a single entity decides the amount of transaction that needs to be carried out.
Adopted globally
Large banks such as Barclays are adopting blockchain, the underlying technology behind Bitcoin to make their business function faster, more efficiently, and more secure. Other names of large companies include American Express, Mizuho Financial Group, Oracle Corporation, Tencent Holdings Ltd, and MetLife. Inc and many others.
Undoubtedly, blockchain is becoming the hottest skill in the job market. As per a recent survey published by Deloitte Insights, 86% of respondents agreed that blockchain will be scalable. It will reach mainstream adoption in the foreseeable future. Job opportunities for blockchain engineers will be at their peak.
need to arm yourself with the latest technology skills in the blockchain. To gain momentum and stay updated with these skills, it is seen that many professionals are keen on learning blockchain skills through blockchain certification.
Blockchain has made quite a huge breakthrough ever since its advent. More and more companies are now looking forward to adopting this technology.
Conclusion
Albeit with some uncertainty, the advantages of Blockchain technology may persuade companies and organizations all over the world to invest more in it. One of the most recent innovations will need some more time to catch on and require patience as it is still in the early stages. The technology will undoubtedly support several businesses as the verification of each piece of data that enters and leaves these Blockchain systems will be a preventer of several problems, even though the advantages of Blockchain are difficult to ignore.
