You must have come across Blockchain technology being touted as one of those revolutionary technologies that have tremendous potential to transform businesses and companies worldwide. What exactly does this technology change? In what all sectors this gen-next technology is making unprecedented progress? And, finally, how this technology of distributed ledgers is making waves in the digital world?
Let’s answer these questions in detail and know how blockchain can bring a new future to the world we know today.
Blockchain is defined as the modern technology responsible for handling data and transactions over a network. This distributed ledger technology keeps track of every entry in the ledger; not only on one computer in a network, but also on millions of other computers on the network. Every transaction is encrypted in such a way that it is virtually impossible to tamper with the information data on the blockchain. This safety feature guarantees trust, which is established through code and collaboration in the network.
Blockchain—Bringing big transformation
Many big businesses and companies are integrating blockchain in their processes and operations. Some of the significant contributions offered by blockchain include:
- Great transparency
- Reduced costs
- Superb efficiency and much more.
Because of these and many other benefits, blockchain is proving to be a disruptive technology, bringing innovation, interoperability and data integrity to businesses, govts, financial institutions, all alike. While this technology has immense potential to revolutionize the structural business, there are still some sectors where this technology is booming:
Banking and financial services
Bringing trust, new transparency standards and higher efficiency levels, blockchain is proving to be a promising solution provider for the banking industry. Not only this, better customer experience, speedy financial transactions are also offered by blockchain along with secure networks.
In the wake of Covid-19, blockchain is contributing to the healthcare industry in terms of zero contact delivery of services, electronic record keeping, traceability in supply chain processes and interoperability issues that were faced by the life-sciences sector. In addition to serving the current crisis in healthcare, blockchain has enough to give to this industry to help millions around the world.
As governments today are finding ways to shift base from traditional systems of handling work to more sophisticated standards of procedures, blockchain is steering clear head in this field by providing necessary transparency, speedy work, reducing risks of data leaks and many other benefits.
Retail and supply chain
The global big leading players in retail are banking on the key advantages blockchain has to offer to the supply chain mechanism industry. Blockchain is providing greater trust, increased consumer confidence, more revenue opportunities and much more across the global supply chain with real-time insights into products and processes.
This is one industry that changes with rapidly changing technologies and innovations. For blockchain, it is just simple how it helps the automotive field in its fast mobility services, safe financial transactions and outstanding supply chain traceability. All from the production level to the end process of smooth functioning and finally delivering, is taken care efficiently by blockchain.
As we are witnessing AI in our OTT platforms, blockchain is also an essential service provider in the media industry. Everything from transparent online buying, paying for services or just subscribing to some online services, blockchain is delivering best results in the form of reduced costs, better trustworthy options, thereby eliminating online frauds.
For better functional operability, the telecommunications industry can rely upon blockchain. This technology is known for its operational efficiencies, speedy transactions and more revenue-building due to reduced costs. With long-term goals in mind and having more and more subscribers on board, telecom can easily trust blockchain for numerous benefits.
Travel and transportation
The industry that never stops and always moving, blockchain invariably provides best solutions for it. To move this industry that moves millions of people, objects and parcels all over the world, this technology brings quick transactions, reduced frauds and streamline operations.
As we discussed how banking and financial services are being highly supported by blockchain, we can easily say that the insurance sector is also being helped in similar ways here. Better record maintenance, trust in the networking and secure transactions are some of the key features that are forming the backbone of the insurance sector currently.
Since the advent of covid-19, almost all the learning is happening online. The times are not far when an individual would get an institutional degree online. This sector has to explore a lot with blockchain, when it comes to distance learning, sufficient education database and record keeping, and bringing global universities together on one platform to educate the world.
Future of Blockchain
There are still many large-scale and small-scale industries that are benefiting from blockchain. And it wouldn’t be any lesser to say that this technology will disrupt businesses in the coming years in a more rapid and efficient way.
Blockchain is transforming the world with its impeccable transparency, efficiency and traceability, which are all re-shaping businesses and industries across the globe. It is adding value, building trust and new standards of operational interoperability.
As the world fast approaches towards smoother and secure transactions, the need for more knowledge building and sharing in this field cannot be avoided. It is indeed the need of the hour for all the tech entrepreneurs to come together to educate the world about this cornerstone technology with unbelievable potential. To harness the best out of this technology, one has to be well versed with the basic know-how of blockchain. Not only this, it is also advisable to keep track of the current trends and developments happening in the world of blockchain. All of this required most, because as any other technology, this technology is also believed to be in its nascent stage, and still a lot of exploration is needed here.
So, if you are someone who is looking to begin or explore this newest technology, you can refer to Blockchain Council, which is a blockchain community platform helping individuals build their blockchain knowledge. It is providing industry-approved certifications that are expert made and hold high value in the international job market. In the blockchain platform, the demands are high and ever-increasing for a blockchain expert and blockchain developer .
Tap this lucrative market offered by blockchain and give yourself a bright future.