Blockchain- new technology in the town we hear all about these days. The market of blockchain technology is changing the way of working very rapidly. Internet giants like Facebook, Alibaba, and Google are adopting this technology. Blockchain development is starting to take the world by storm. However, it’s not about the competition but the advantages that blockchain technology provides. It can offer a secure platform to many different businesses. According to the market and market analysis report, the cryptocurrency industry was estimated at USD 1.03 billion by 2019 and is estimated to reach USD 1.40 billion by 2024. Blockchain empowers companies, transforms healthcare practices, and supports a significant number of small businesses.
What is even a Blockchain? Widely recognized for its affiliation with cryptocurrencies, including Bitcoin, It’s a secure way to documenting all sorts of transactions. Transaction for all data store in the form of a chain. It begins with the gathering point where data is collected. Since data stored across multiple computers, it creates a bond with other devices. Hence it is tamper-proof.
Benefits of Blockchain Development in 2021:
Blockchain brings the solution to problems we perceive. As people become personalized, blockchain solves the trust issues in a network. Not only enterprises but Global Governments have also adopted this tremendous technology. Dubai smart city project is a perfect example of this technology, which aims to develop a smart city with new advanced technology such as blockchain.
Blockchain can change the way we interact with the internet. It can provide security, transparency, high transactions, speeds, interoperability, easy access to data, and many other privileges. Let’s go through the top benefits of blockchain.
Peer to Peer Global Payment:
This tremendous technology already transformed payment methods. Before blockchain, many businesses used to transfer hundreds of billions of dollars globally, and it was time-consuming and expensive. Due to the traditional centralized system, many corrupt people misuse the information for the sake of their gain. Blockchain provides peer to peer network. Moreover, users have control over their data, and nobody can misuse them in any way. It is something we all have wanted for an extended period. Now clearing and settlement details can happen in real-time. This technology resolves the puzzle of global payment.
This is a fast-moving technological age in which people depend on technology. In the hustle and bustle of life, people have no patience to wait for things to be done, particularly when sending and receiving payments. Thanks to this emerging technology, working as an alternate platform moves funds without consuming much time and resources. Yes, it offers faster transactions than any other traditional method. The centralized bank usually takes much time in the transition process. Due to overseas transactions, Blockchain technology has become even more popular. In reality, it takes approximately six days to a procced transaction.
Now suppose you are in an emergency; will you rely on the traditional banking system? No, is the answer. With blockchain technology, you can now complete your transaction within few seconds. Isn’t it sound interested?
In the current business scenario, transparency is the big issue. To improve transparency, organizations tried everything; implemented more rules but no use. There isn’t anything that provides 100% transparency except blockchain. An enterprise can go completely decentralized with blockchain technology. You don’t need any centralized authority when you have blockchain.
Blockchain provides advanced technology as compared to any other platform. It has a tremendous record-keeping system. Each transaction has a proper link to the previous transaction. Each block contains a Hash ID, and if someone tries to make any changes to the block, it will change the ID drastically. You cannot even recreate the Hash ID as the same as the previous again. Besides this, every user gets a notification when anyone tries to change block data. Moreover, if someone wants to change the transactions system, it will reject the request to change a network transaction. With blockchain, a once written statement cannot be reverted by any means.
Blockchain- A new Tool to Cost Reduction:
Adopting a blockchain for your business can help you lower overhead expenditure by decreasing transaction costs. As days pass, more and more businesses are adopting this technology to reduce the development cost. Many software service providers have turned to the blockchain, including airline companies, tech giants, insurance companies, and medical facilities.
Blockchain for Supply Chain:
If you are working with any software enterprises, you must know about the advancement and usage of this technology and how it plans to implement it in the upcoming year. Companies can easily manage business scattered globally. In a supply chain management process, you ensure that your product’s stage offers the highest quality. Blockchain provides that you are tracing items from end to end. Apart from goods, you can also verify each asset in asset exchange. Moreover,
- It helps in tracking the supply chain flow.
- It offers businesses more security and transparency. So, enterprises can smoothly run their business from anywhere and at any time throughout the world.
How Blockchain Helps Government in fair voting Process?
Every country needs a democratic system of elections. Voting in a paper-based method in the 21st century is not a good idea. This can lead to unequal voting or wrong selection. However, blockchain technology has solved this problem by ensuring encryption for confidential data. Using this electronic infrastructure, the government and other sensitive industries eliminate the possibility of fraud because of the clarity. Due to its transparency feature, there won’t be a chance of unfair elections.
The new voting system’s weaknesses will stay the same if you do not consider using a blockchain solution. It’s got a lot to offer, but the government should adopt this new technology and get maximum leverage.
How is Blockchain Adding Value in Business Model?
Another significant advantage of blockchain is the modern business model. It comes with a different new outlook on introducing your business model to the new world. It also offers a more substantial infrastructure for you to get rid of a lot of data problems. Also, it brings value to your business and lets you generate massive profits.
So far, we discussed the different pillars of blockchain; you can add more to it. Blockchain is an information recording system. It is a digital transaction ledger that spread around the network of the computer system. Each block in the chain includes many transactions, and each time, you connect a block to a new trade. It makes it hard or impossible to hack the device. Blockchain is a fundamentally innovative technology in a world where cybersecurity has become essential to personal and national security. Many successful companies, such as Cubix, are providing seamless and straightforward blockchain solutions.
Aman Khan Digital Content Producer for Cubix. He develops and implements content strategies for Cubix, along with aligning business goals with content marketing activities. He actively contributes articles related to digital and content marketing.