Global: Almost all of us have heard a tad bit about Blockchain by now and the Blockchain Technology is reshaping the whole of information technology arena. The blockchain is mostly like a digital ledger where you can see all the transactions made through bitcoins or by any other cryptocurrency. Over the time we have assumed that Blockchain has something to do only with cryptocurrency but as time is changing we are able to see that Blockchain has advantages and uses other than cryptocurrency too. Hence, this Blockchain market will promulgate significantly in the near future as this technology will be used for daily business transactions.
Blockchain allows digital transactions to be distributed instead of just getting copied. It was basically devised for digital currency but now other potential uses of this technology are also being discovered by the tech community. There are four proven scenarios where blockchain is adding value to other businesses.
- The blockchain is allowing traders to track its assets and things which are of value. All the transactions are done in a secure and private way. This allows a speed up and easiness in managing cash and assets. Blockchain transactions are an advantage because they do not need a third-party oversight as it is controlled software. The owners and transactions’ participants can view the transactions with full transparency and the organizations can see and view their assets and transactions in terms of values.
- One of the most difficult jobs for any organization is managing its expenses. Blockchain can solve the problem for the organizations are a swift and easy way. The companies can create their own blockchain network for the suppliers and partners. Smart contracts, immediate payments and also IOT activated shipments can be enabled through this network. Since there is no human interaction, errors are less likely to take place. Transactions will also speed up since the buyers and sellers will now be directly connected to each other via the network.
- Securing and managing private records with encryption is another arena which will become accessible. One of the primary aspects of blockchain is that any data or record in this network is encrypted and safe. Generally, companies or organizations depend on the third party to keep their databases safe but with blockchain, each data can be encrypted and secured with a member’s key and thus it becomes difficult for anyone to hack all the data at a single instance.
- Tracking products and their use can be done by using blockchain technology. The organizations now can have a better guarantee of product quality and also its safety since they can now track the products, materials along with their use and quality through blockchain network.
According to BlueWeave Consulting, Blockchain technology is a vast arena that can be utilized for various markets since it is hassle-free and easy. The blockchain technology market is a significant market and is expected to grow at a robust speed with significant CAGR. Blockchain industry is definitely in the future of the information technology industry. Blockchain is transparent and also incorruptible. Blockchain makes transactions simple, faster and since all the information are encrypted, there are always lesser chances of data getting corrupted or stolen. The market for blockchain technology is increasing and expanding as days are passing since people and organizations are finding it more viable and secured. Thus, more and more industries are venturing into this market and it is estimated to be an important and growing market in the near future.