April 25th, 2018
Blockchain has been making some noise for quite some time now; it’s a new technology that is proving to be important for various industries throughout the world. Many industry leaders from around the world are paying close attention to blockchain technology; it’s all because of its potential and unique concept that make it so appealing to everyone.
Blockchain is a technology behind these digital cryptocurrencies. Last year, Bitcoin created a storm in the financial world with its sudden price surge. Investors from different places came forward and started buying Bitcoins. The blockchain technology was invented for cryptocurrencies and now researchers find huge potential in this technology apart from it being a driving force in the financial industry.
Digital currencies are a medium of exchange similar to traditional currencies, but come with wide range of new features and options. The most popular cryptocurrency is Bitcoin and it is similar to the US dollar, which can be used to buy products or services. The basic difference between the two, is its control and encryption techniques. Blockchain is a decentralized currency that is not governed by any particular groups or organization. This technology uses advanced encryption techniques to control the creation of units and verify transferring of funds.
Blockchain technology is a decentralized system that transacts between any two users, as well as, effectively eradicating the role of a middleman. Using this new technology individuals can confirm transactions without seeking the help or any clear organization or authority. Blockchain technology comes with huge potential and its applications could include settling trades, fund transfer, voting and various other purposes. Earlier blockchain technology was invented to back cryptocurrencies, but now we are seeing that this technology has potential beyond cryptocurrency.
Blockchain technology is a simple, it is a digital and decentralized ledger which keeps a record of all transactions taking place across a network. The most exciting thing about this technology, is that it allows participants to transfer assets or funds over the internet, without involving any third parties. This effectively helps participants to save time and money, thereby transferring their funds in a secure manner.
From a business perspective, Blockchain comes with huge potential, as it is the next generation’s business improvement software. Blockchain promises to improve the ability of business processes between companies, thereby reducing the cost of trust and other complicacies. This is the reason why blockchain technology will offer higher returns for each investment than most conventional investments. Financial institutes are exploring new ways for how they can use blockchain technology to overturn everything from, clearing to settlement, to insurance.
Blockchain was the sole reason behind the Bitcoin popularity; it was this underlying technology that made cryptocurrencies so popular. Last year, Bitcoin was breaking records left and right and was successful in grabbing the attention of millions from different places. Bitcoin was the center of attention for awhile, but experts realized that it was blockchain technology that deserved all the popularity. Top business groups and companies around the world are now on the verge of implementing it in diverse fields. Some of the most important features like, increased transparency, permanent ledger, accurate tracking and cost reduction make it popular. It has few drawbacks, but constantly new changes or upgrades are made to make this technology more efficient and beneficial.
When a new technology is moving so fast, it’s hard to sit and watch it march ahead on the sidelines. In the last few years, blockchain technologies made giant leaps forward-something that was a startup idea is now an established technology. Who would have thought it would have such a massive impact