It’s not very often that a paradigm-shifting innovation explodes the technological world unlocking new potentials for significant societal change. Just like the invention of the telephone, the wheel and electricity have been a vital game-changer in history; Blockchain technology has also taken the world by storm since its invention.
Blockchain has been around for quite a while, but it is now in recent years that it has gained momentum and generated curiosity among businesses across various industries. Everyone associates the term blockchain with Bitcoin, but it is more than a digital currency.
Relatively new to the world, Blockchain technology is basically a decentralized database which is not owned by anyone, rather important information is fragmented into various pieces or blocks and stored over various personal computers where there is no middleman. Conventional databases like spreadsheet run on a single computer, whereas blockchain distributes the spreadsheet so that it runs on millions of computers eliminating the risk of corruption. It basically uses the state-of-the-art cryptography, so that once the information goes in, people can access it but information cannot come out without any original passcode.
Because Blockchain technology replaces the middleman it has become popular among forward-thinking firms investing hugely in this latest-breed foundational technology to become the disrupter rather than disrupted by building innovative applications.
Did you know even the world’s biggest diamond company DeBeers Group uses blockchain to track the sale as well as the import of diamonds? This helps them provide transparency along the entire route until the final product is out in the market. From mines to users they ensure their customers get access to only authentic product what they are paying for.
Following are some advantages of the much-talked-about technology:
- Settle transactions and close deals automatically
- Improve data security and applications stored on the platform
- Enhance operational performance thanks to faster and reliable
- Contract and fraud management
- Businesses can easily monitor user activity, trace its origin to provide every user visibility into authorized transactions
Trends in blockchain impacting a large number of industries
1) Artificial Intelligence:
Referring to the concept of thinking machines where machines think and act like human – Artificial intelligence is bringing in winds of change. To make these highly intelligent machines function, it requires access to big data and Blockchain has made access to big data quite economical.
2) Smart Contracts
Hugely popular, smart contracts are changing the foundations of commerce! A coded program that runs on top of blockchain containing a set of rules under which parties agree to interact with each other. It is like the simplest form of decentralized automation involving digital assets. Few parties deposit these digital assets into smart contracts which automatically gets redistributed according to certain formulas and data, which is unknown at the time of contract initiation.
3) Wallet Development
Blockchain wallets refer to digital wallet allowing users to earn, monitor and transfer virtual currencies. Developed parallel to Bitcoin – digital currency, to securely store the money, eWallet is secured with a combination of public and private keys, making transferring secure, convenient, safe and easily accessible.
With the rise in the cyber-attacks and hacks, there is a huge need for a secure system to reduce the threat. Therefore Blockchain in combination with Cryptocurrency is considered the epitome of security replacing all the traditional ways. The future of cybersecurity is really strong!
A similar concept to Bitcoin, it is like a combination of crypto currency and smart contract. Designed using the most powerful programming language Solidity, it was developed keeping smart contract concept in mind to make it error-free.
6) Private Networks
Private networks also need some security keeping the user information highly safe and secure. Blockchain technology is the ideal platform giving high-tech security to private networks by fragmenting the information across various computers encrypted.