April 19th, 2018
Blockchain is an encrypted, decentralized, and immutable distributed ledger that has the potential of making all centralized activities, organizations and their processes fully autonomous. This means that Blockchain technology will eliminate intermediaries and authorities, thereby streamlining all businesses, non-profit activities, and governments. However, this technology has a long way to go before it can make its way into the real world. Surrounding all the new developments revolving around the Blockchain technology, there has been lots of confusion over its future. Experts are confident about this new technology and they believe this technology will make incredible changes in every field.
Blockchain technology has the potential to fundamentally affect wide varieties of technologies and processes around the world. It is a unique system which effectively eliminates all third parties or “middlemen”. Many large institutions and groups around the world are operating as trusted third parties, for instance, SWIFT and Visa. With Blockchain technology, the whole process will become simplified.
Many individuals look into Blockchain technology as nothing more than a ledger system and some even consider it to be synonymous with Bitcoin. But the reality is, that this technology comes with a tremendous amount of potential and in the future businesses will start to realize this fact. Blockchain technology will help to assure driverless vehicles cybersecurity and over time this innovation will take the whole world by surprise.
Bitcoin growth in 2017 promoted the benefits and reliability of the underlying technology which is used by this particular cryptocurrency. Blockchain has became one of the most popular searched word on the internet, experts believe that this distributed ledger technology will continue to gain significance in many industries. Deloitte is predicting that Blockchain technology is going to exceed cloud computing in venture capital investments. Countries following Blockchain strategies will end up leading the markets and global industries in general.
Blockchain technology will evolve over time. This new technology will address various modern-day security concerns such as, identity, contracts and fraud management. Blockchain technology based lists will allow popular online retailers and financial organizations to easily protect customers and fight against fraudulent activities. Industry leaders will want to emphasize on providing architectural or functional descriptions, instead of depending on this new term. Blockchain technology inspired applications will come up in the healthcare, insurance, financial and e-commerce sectors-Blockchain will become the default technology where there is a need to ensure the integrity of data.
One of the most important applications of Blockchain technology will be its unsurpassed security in an unsecured internet where malware, phishing, spam, DDOS, and hacks put businesses in danger, globally. One of the best features of Blockchain technology, other then ledger software, is that it is cryptography based and programmed- you can’t go back beyond a certain point and change information. Blockchain technology is proving to be a great tool to store a vast amount of useful documents in industries such as logistics, healthcare, copyright and many more. This technology will remove the need for middlemen when comes to legalizing contracts.