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How Blockchain Technology will further Accentuate the Digital World

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Blockchain is a modern way to store data in a distributed ledger that allows multiple parties to share access to the same information safely and with confidence. Today this technology is the prime reason behind a digital economy that is fair, inclusive, secure, and democratic.

Blockchain can provide applications with a variety of mind-blowing benefits. The USP of this technology is that the needs of any third party or intermediaries during the process have been removed. Strengthening, dependency, and a high level of safety are the key factors that attract users. It also builds trust between organizations while carrying out any transaction.

Blockchain is the technology that enables individuals and businesses to exchange their data, information without any hassle. It helps the organizations to reach agreement on transactions and details and to record them indefinitely. There is no glimmer to witness because it is free of any hidden costs and operates without a central authority.

Why is it the future of digital payment?

Facilitates cross-border payment

Cross-border transfers are routine and occur regularly. This can be achieved on an individual and official basis, but there is no question that the expense and other importance of the move involved are costly.

This occurs especially when multiple currencies are involved, and this brings with it the presence of numerous banks at different locations around the world. And if all of this happens, only the receiver gets the money.

Here Blockchain technology cuts the needless distances and offers a more straightforward and cheaper alternative to conventional cross-border forms of payment. Blockchain has now turned out to be an accessible technology making the transnational payment process easier.

Security

Blockchain technology is an acceleration of enterprise applications. Even as use cases are being studied for their long-term potential, technology also needs to be designed to counter more complex threats ever. Today, there are a few clues that can help to discover what potential security threats may be.

Soon, biometric identification is likely to be a standard identity verification method, in which multiple security protocols create a unique identifier that can be indexed on a blockchain. No data will be kept on the chain, but it will allow the consumer to prove who they claim to be. Blockchain is, therefore, a key feature in security.


Efficient supply chain

Better growth of any company is a result of well-managed services. And such managed services can be accomplished only if you have an effective supply chain network. Today, a lot of businesses around the world are facing the brunt of a pandemic, and this has reduced the number of physical workers on the field.

This has given the stores a hard time handling their stock because no one is there to watch the services. However, with technologies such as Blockchain, holding a watch on supply chains and ensuring productivity becomes a cake-walk. It undoubtedly eliminates human efforts, and further smoothes the complex and crucial supply management process.

Smart contracts

Smart contracts are one of blockchain technology's most and highly powerful functionalities. It is a mix of computer programs that will take care of every inch of your agreement, from facilitation to execution.

And to make it work, you do not need any expert advice, instead, you only have to meet those requirements. As a result, you should let it go self-executed and self-sustained.

Education

Education is, in my view, one of the best ways of introducing any technology. It is even more critical with Blockchain than it is with others. I think all of this comes back to demand. The marketplace will respond accordingly as businesses see the merits of blockchain technology, and they get results: more suppliers, more skills, and more ideas. It has greatly improved education systems and made it available to potential users.

What the future hold

The International Data Corporation reports that IoT businesses have experienced the impact of blockchain technology. And this has led them also to suggest this very technology in their approach. Twenty percent of IoT deployments will allow blockchain services by 2020, as reported by IDC. Blockchain 's enormous benefits have given rise to numerous industries and businesses that accept it. Perhaps this is something that has and will bring more exciting things soon.

What Blockchain misses

I think that standardization is still an open question. There is some real work done on standardization, but we need a global consensus on blockchain standards. It offers better interoperability, better sidechain support, and integration with conventional databases and traditional systems in which the ecosystem still needs to grow.

There is also a very large assumption that there is no difference between crypto-currency and Blockchain. If you mention that you are practicing Blockchain, what people believe you are going to do is spend the day thinking about Bitcoin. No, that is not the same thing. Meanwhile, in blockchain technology, we see more robustness and sophistication. It is much more advanced than it has been, and there are still so many great developments to come.

Quick summary

Blockchain technology offers a new framework for building innovative applications beyond cryptocurrencies, driving significant, meaningful changes through industry, culture, and society.


Blockchain technology would potentially revolutionize the way we work and live. It can give us more power over our health and well-being, more in-depth insight into the source and nature of the food we consume, and the goods we purchase quicker financial transactions and more open and private at the same time and more productive industry.

Benefits include

  • Facilitates cross-border payment
  • Improves security
  • Efficient supply chain
  • Smart contracts
  • Improved education systems

Final thought

Blockchain technology can provide a stable, scalable platform for two-way communication. And the new security protocols give it already a strong resistance to cyber-attacks. Blockchain will overcharge artificial intelligence and IoT to make it smarter and more secure, from supply chains to digital identity management.

About the Author

With 10+ years of experience in leadership, research across the different industry verticals, Anil has helped several entrepreneurs to shape their idea into reality in the era of digitization.He is an innovative geek who has an interest in nextGen technologies such as AI/ML, Blockchain, and Data Sci...   View more...