One of the most revolutionary technologies that humankind has come across until now, the Blockchain technology is set to alter the ways organizations function over the coming few years. From IT services to finance to health, there are a plethora of sectors which are inventing methodologies to apply blockchain technologies into their operations.
For those who do not know, Blockchain is a distributed, electronic ledger which is verified as well as maintained by a chain of blocks consisting of records. And what makes this technology preferred by every industry is that it has the potential to provide you with a highly accountable, trustworthy and transparent medium for making electronic transactions.
A core feature of Blockchain that makes it unparalleled to any other technology is that it does not involve any interference from a central authority or intermediaries which makes it secure and effortless for you to make digital transactions.
What does the future hold for Blockchain Technology?
The roots of the Blockchain technology can be traced back to the year 2008 when Satoshi Nakamoto made a breakthrough in the world of cryptocurrency by giving birth to Bitcoin which proved be the one & only cryptocurrency that resolved the issue of double spending as it did not require a central server.
So basically, Blockchain was introduced to support Bitcoin. And if we look at the growing value of Bitcoin, it is incredibly impressive. So, as we can see that a lucrative period is going on for cryptocurrencies, Blockchain seems to have a great future as well.
How can Blockchain contribute in giving a new shape to the economy?
The primary motive of Blockchain is to facilitate you in the exchange of assets which is being run on applications such as Ethereum, Bitcoin, and more. It is an absolutely guarded network that serves you to shape, manage as well as transport digital assets. And the reason behind this is the non-existence of an intermediary to verify its feasibility.
Now, if I continue to talk about the decentralized services that Blockchain offers, it involves the creation of a new value as you are able to access a non-centralised marketplace based on a peer-to-peer agreement. So mainly what I mean to say is that the Blockchain technology can open the door for a new category of applications capable of providing user interfaces that are immensely interactive as well as approachable.
What is the present impact of Blockchain Technologies?
A recent development in the financial sector is that the conventional financial services are being replaced by digitalized, modified business models. As there is a widespread awareness among banks and other financial institutions that there is a growing requirement for them to keep pace with the digital era by adapting to innovative, advanced technologies.
The Blockchain technology can bring genuine changes in the blockchain industry by maintaining transparency in transactions and making it digitally shareable. Keeping central authority out of the picture has successfully let Blockchain technologies take the place of business models endorsing centralization.