Exploring the Practical Application Of Blockchain Technology
Unlike any other 21st century technological trend, blockchain’s creation has taken the digital world by storm. Widely regarded as the key technology behind Bitcoin and other cryptocurrencies, this untypical but critical view has undermined blockchains usability in a lot of ways.
Placed at the deck of a renowned blockchain industry expert George Karner, Blockchain was termed the holy grail that can solve any problem across all industries.
Its unmatched ability to create a reputable digital footprint in any industry have made it a widely sort out technology by numerous app development companies. Within 2017 to 2018 the technology’s focused capital raising tripled to $3 billion{more than any technological trends have garnered within the past 20 years}
While blockchain continues to gain undisputed traction across all industries, a lot of start-ups and global enterprises are still lagging behind due to inadequate information on the marketing potential attached to the practical application of blockchain.
Before we go into details about the practical application of blockchain across all industries, let’s take a look at the term Blockchain and How it works.
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Blockchain is a system in which records of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer group.
How it Works
With no centralised form of storage piloting its affairs, entire deletion of the ledger it creates is impossible. Compared with the mode of transaction being used in a bank or similar facilities; no requirement for a third party. The last reported blockchain estimate on its potential to reduce bank infrastructure cost was placed at 30%.Note that blockchain operates with decentralised ledgers accessible to the parties involved.
Practical Application of Blockchain Technology
Ranging from the agonizing task of daily balancing of accounts to the life and death scenarios doctors and nurses are faced with on a daily basis, practical application of blockchain technology is required. Here are four practical uses of the blockchain technology as cited out by Noah Coin.
Financial Industry
It’s no news that every business desire’s credible financial analysis; Be it about the asset management system, insurance claims processing policy or even cross border payments authenticity, the usage of notable means to acquire tangible results is of utmost importance.Keeping track of financial records remains a strenuous process even to the most sophisticated of minds.
Hundreds of outstanding financial firms across the globe have adopted the usage of blockchain technological apps in piloting such critical affairs due to the security features it possesses. With tons of analytical blockchain apps available for making or receiving payments, Encrypting of transactions for secure processing and Simplification of big data, it’s certain that no financial firm would fancy missing out on the opportunities it creates.
Smart Contracts
The expenses of having to rely on a third party each time you want to carry out transactions have declined since blockchain became a household name. Blockchain operates with a pre-drafted contract that can be accessed and modified by both users. With neither of the users having the ability to delete any data from the contract ledger available on both ends, blockchain has garnered a worldwide impact in Governments, Healthcare and Entertainment industry.
Digital IDs
Identity theft remains a global issue due to unavailability of adequate measures in combating the crisis it creates. The multi-step and multi-factor identity verification attached to the usage of blockchain surpasses the security level traditional passwords are capable of creating. Adopting the secure digitalIDs attached to the verification protocol blackchin possess would enable security firms to secure identities for the decentralised web.
Blockchain in IoT
Internet of Things deals with the interconnected of everything accessible via a network. One major issue affecting radical growth of IoT is its dependence on third parties to create a reliable source of connection. Blockchain as you already know eliminates the presence of third parties. Its presence in IoT strengthens and streamlines the interconnectedness it creates. Blockchain influences how all the information transmitted via an IoT device is recorded tracking any issue of theft or fraud that might arise.
Exploring its Practical Application
Blockchain technology currently goes by an estimated project value tag of $60 billion for 2020. Ranked as a major player in every industry, global giants like Microsoft, IBM, Everledger, Walmart and KIK have already divided into its usage. Its presence in any industry would inevitably create remarkable marketing potentials.
With hundreds of renowned companies providing blockchain app development services, you wouldn’t have to spend a fortune while trying to incorporate the innovative technological trend the technology works with.
Blockchain’s association with cryptocurrencies have enabled it pave a secure path across all industries. A lot of global companies are still ignorant of the remarkable digital footprints blockchain creates, adopting the rare marketing potential it creates at this early stage would enable your business secure a spot among the top names in the industry.
