Blockchain technology is the next big thing. You come across the term ‘blockchain’ often, but, it is very difficult to understand how the blockchain technology works. It is one of the most secure technologies in the financial domain today. And the advantages of the technology are secure, decentralized data, user empowerment, and transparency.
Of late, techies and business leaders are focusing this technology seriously for the implementation in other sectors like healthcare, tourism, shipping, logistics, and retail. The adoption of the blockchain technology could go beyond these sectors, and governments may consider implementing the technology in the major tasks like the electoral voting system and other projects.
In our previous article “why you should focus on blockchain technology,” we have highlighted the things you need to consider the blockchain technology. According to World Economic Forum, more than 25 countries are investing in blockchain technology, filing more than 2500 patents and investing $1.3 billion. It shows that the adoption of the technology is on rising. Big financial companies like JPMorgan Chase, Goldman Sachs, and Credit Suisse, have formed a consortium to investigate the blockchain for speedier and more secure transactions.
According to the Harvard Business Review, blockchain is a foundational technology, which has the potential to create new foundations for our economic and social systems. The technology could also bring revolutionary changes in the Information & Technology (IT) sector. Major IT companies have been working trying to implement the technology in order to provide services and products with having great security features. The technology could also bring a remarkable change in the Software product development. IT companies have been working various innovation projects using the technology to make their product and services more secure.
In the digital economy, cyber threat is a major concern and the blockchain technology could be the best technology to make secure all the digital transactions safe and secure. The technology could also be used in other sectors. Germany had faced many challenges related to security during the internet voting system and it gave rise to the implementation of blockchain technology in the electoral voting system. This is the best example of implementation of the technology in the social system.
Blockchain technology will be the next big thing in near future. It is a distributed platform that would be useful in reshaping the business world.