Blockchain is more deceptively straightforward.
For those who are still relating blockchain with bitcoin, you are right! But need to move over and measure its capabilities on the metrics of an independent technology concept aimed at resolving the real-world problems.
Bitcoin has already been a sensation for a long time, so much that it ultimately attracted the attention of government based regulatory authorities to be tamed to share the profits. But in the meantime, the cryptocurrency has built businesses and taken over conversations in offices, pubs, and tables throughout the globe.
The distributed ledger or say decentralized network-based technology behind this e-currency is lucrative, a ray of hope in the threat-prone Internet. It is the answer to the Internet’s most dreading concern-Security.
Why Industry Leaders are Discussing Blockchain?
Mark Zuckerberg, co-founder and CEO of Facebook believes that “decentralized force that puts more power in people hands”, in fact, it is one of personal challenge to remove errors from the Facebook by using decentralizing technology.
Industry leaders from all business segments are discussing this technology with new fervor because it is a great driver of transparency, security, and veracity. Besides, it boosts awareness and increase reliance on data.
A report published on CNBC reveals that 84% companies are “actively involved” in Blockchain technology.
According to the PwC’s 2018 Global Blockchain Survey, no company want to be “left behind”, however 45% business executives confirmed that trust issues could be major roadblock to blockchain.
Claims are strong, and stakes are high, and so industries across the world struggling to protect the integrity of the stored data and removing inefficiencies are seeking the help of Blockchain Application Development Companies. Since, they have chosen not to dismiss the Blockchain technology as just another hype.
Key Reasons Behind Blockchain Frenzy
It can be assumed that the success of bitcoin is the key reason behind blockchain frenzy. Bitcoin is the largest and the most prominent cryptocurrency in circulation, as published on PwC website.
The cryptocurrency removes the need of banks or any third-party payment system required for transaction. And this is the reason why Bitcoin is so disruptive in itself and the obviously the technology that empowers it.
At the moment, there are few technology trends that can compete with Blockchain. The way it stores information across the networks makes it highly valuable in technology corners, with an ability to reshape operations in various industries.
Below are the key benefits of Blockchain:
High-end Fraud Resistance Capability
Blockchain helps counter everything that is fake: fake identity, fake news, fake content. It serves a digital, tamper-proof ledger that enhances accuracy and information-sharing capabilities within the organization.
From the macro perspective, Internet serves as digital data-house and blockchain can help secure the data, while also maintaining the transparency. Below are things it will sort out:
- Provide security to recorded data
- Enable professionals to comply with the security law
- Enhance digital identity authentication
- Protect information on mobile
- Improve the use of data
- Assessing the true value of collectibles
Whether it is a financial ecosystem or a manufacturing system, a Blockchain platform can help create a decentralized model that strengthen decision-making and improve transparency.
According to a Credit Monitoring Company, Equifax, a security breach has exposed the sensitive data of 143 million Americans. It has also claimed that credit card number of 2 million US consumers have been accessed by the “criminals”.
Blockchain technology could provide a reliable solution to the problem. It is a “decentralized” network of computers, that means it does not have any central governing body. And so, a data is stored at infinite number of places, with each having a private, unique cryptographic key.
Now the users can store their data on ledger and connect it with payment systems they use and enhance the security measure with other features and gain more control over the information they share with third parties.
A quick glance at the benefits from control perspective:
- Provide control of personal data
- Provide control of monetary data, including credit data
- Help in developing Information Security Policy Controls, Asset Management Controls, HR Security Controls, Access Controls, Operational Controls to enhance security.
Improve Business Efficiency and Cost-Saving
Most of the industries are plagued by dispute cases and increased processing and administrative cost. Transportation industry alone have $140 billion tied up in payment dispute. According to a data, the processing and administrative cost of have risen to 20% globally. These are the real-world problems, blockchain can easily solve. Below are the 5 ways blockchain-enabled platforms help:
- Shared distributed digital ledger removes the need of paperwork and increase coordination
- Smart contracts and approvals reduce the processing time and increase transparency
- Provide updated, genuine, and secure data to take decisions more confidently
- A step ahead from traditional tracking methodology, by providing scalable solution for authentication and proper validation
- Removes bureaucracy from the system to speed up the process
These benefits of blockchain have helped it gain the attention of the industry leaders. Top companies like Accenture, IBM, JP Morgan, Deloitte and others have taken several initiatives to use the blockchain potential. They have also integrated the blockchain technology with IoT to come with advanced solutions for different industrial segments. with blockchain, many of the IoT challenges can be easily resolved.
Blockchain Application in Different Industries
The decentralized network-based technology is beneficial beyond financial sector. Here is the list of industries that use blockchain to solve their problems and remove business gaps.
Healthcare: Using blockchain based platform, healthcare professionals can access patient records on blockchain network easily. It reduces the wait time and avoid duplication of data.
Real Estate: Consumers and Real Estate companies involved in buying and selling properties can access verified data and records. Besides, public can directly upload the data without requiring any centralized body. The Blockchain application will also eliminate the transaction fee of brokers.
Transportation and Logistics: It removes the requirement of third-party authentication system. Better freight tracking can also reduce on-demand delivery time.
Software Development: In the technology sector, many startups have emerged to provide comprehensive blockchain solutions. However, considering the blockchain project failure that is 92%, it is advisable to be very sure with the software development company you hire.
Blockchain has huge potential and it is well-publicized too. From industry leaders to top companies, every business entity is interested in making the most of decentralized system. It is the time, small companies should learn from their larger counterparts and venture into the development blockchain-enabled platforms that help them use the technology efficiently.
Author: Siya Carla is Business Development Manager at Finoit Technologies, a leading mobile app development company which turns ideas into reality by providing unique web design and custom software development services.