The Blockchain is the most promising technology which is all set to disrupt the future. What is Blockchain?
It’s a distributed ledger technology that underpins cryptocurrencies like Bitcoin or Ethers and offers a new way to store and exchange data in a transparent, secure, and auditable manner.
The blockchain application development is likely to transform many industries in the coming five to ten years.
Here are some of the industries which are likely to enhance their business operations with the blockchain:
1. Banking and payments:
Banks across the globe are exploring the blockchain potential and moving their payment systems onto the blockchain.
Abra is a startup company which has planned to offer Bitcoin-based remittance services and many other financial institutions such as Barclays is also planning to adopt the Blockchain Technology to make their business operations faster more efficient and secure.
IBM reveals that about 15% of banks will use the blockchain technology by the end of 2017.
Although the blockchain ledger could be public, the data can be verified and encrypted using advanced cryptography.
So, the data stored on the blockchain is less prone to being hacked or changed without the user’s consent.
The blockchain removes the need for middlemen to make it more efficient than many legacy systems.
3. Supply chain management:
With blockchain, transactions can be distributed across multiple nodes and in an immutable and secure way.
This can greatly reduce time delays and human intervention. It can also help in monitoring costs, labor and even waste in emissions at every point in the supply chain.
The blockchain can also be used to verify the authenticity or real-time status of products by tracking them from their origin to its destination.
The blockchain is all set to transform the complete approach to research consulting analysis and forecasting.
An online platform like Augur is one of the great examples as the company is looking to create global decentralized prediction markets.
From sports to stocks to and elections, the blockchain can be used to place and monitor bets on anything in a decentralized way.
5. Private transport and ride-sharing:
The blockchain can also be used for building decentralized and peer-to-peer ride-sharing apps, enabling both car owners and riders to set terms and conditions in a seamless and secure manner.
Adopting a decentralization would help connect driver directly with the rider, removing the involvement of middlemen.
The insurance market across the world relies on trust management. The blockchain is a new technology that brings trust and can be used to verify many types of data in insurance contracts like the insured person’s identity.
Oracles can be used to integrate blockchain smart contracts with real-world data. The technology is beneficial for all types of insurance that rely on real-world data.
7. Cloud storage:
Data stored on a centralized server/database is quite vulnerable to hacking, data loss or human error as the data is stored on a single location or server.
Being a decentralized technology, the blockchain technology enables cloud storage to be more robust and secure and ensure the data protection against cybersecurity attacks.
StorJ is one example of a blockchain-based cloud storage network.
If you are running a business that deals with data or any sort of transactions, it’s likely your industry can be disrupted by blockchain technology.
If you want to hire a reputed blockchain company the author suggests the name of LeewayHertz.
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