Blockchain technology is the biggest innovation after the internet, this technology is going to be the next big thing in the fitech world as well as in other sectors. The technology became popular with the introduction of the bitcoin crypto-currency, the first usage of digital currency transfer. The decade-old technology is strengthening its roots in other sectors besides fintech world and it has potential features to solve the problems and making data exchange more secure.
Many financial institutions have started using the and relying on the blockchain technology, a distributed digital ledger. The financial transactions have become much easier and secure through blockchain technology-based platforms. Besides, the supply chain companies have already been focusing on this technology to manage their disparate ecosystem.
According to World Economic Forum, more than 25 countries are investing in blockchain technology, filing more than 2500 patents and investing $1.3 billion. However, the adoption of blockchain technology would be slower as it would be a big challenge to uproot the existing technology platform.
The first commercial use of blockchain platform was used in October 2008. Satoshi Nakamoto had unveiled bitcoin platform and the first transactions were taken place in January 2009. The bitcoin blockchain technology works on a very simple principle and it is considered to be the most secure way for transactions to take place. The data in the blockchain is not centralized unlike the current technology platforms, it is distributed on various computers those are associated with the network, which makes the entire system very secure and strong.
On the bitcoin, the technology is backed by blockchain, works on the decentralized system making all the transactions safe and secure. The first bitcoin market was set up and allowing the exchange of money for bitcoins in October 2009. According to CB Insights, in the USA, the number of deals in bitcoin and blockchain reduced to 132 in 2016 from 161 in 2015.
In India, the demand for blockchain based solutions has significantly increased after hacking incidents with leading banks. The financial institutions, fintech companies, entrepreneurs, governments find the blockchain technology as the alternative and revolutionary technology. The blockchain technology would go to the mainstream in a couple of years. Many startups across the globe start building applications using the blockchain technology for the usage of the industries making their transactions secure and reducing their efforts and time.
The blockchain is nothing but a process of exchanging assets. And, in the future, it could expand its scope, allowing transfer of other things apart from assets. The blockchain technology is going beyond finance.
Advantages of Blockchain Technology:
Here are the advantages of the blockchain technology. Industries, companies, and startups are trying to capitalize by using the blockchain technology.
The blockchain technology is going to change the fintech world in the future as the companies in the financial domain have already explored this as an alternative method. The search for “blockchain” has increased by 1900 percent since 2013 on Google. Entrepreneurs, startups companies, investors, fintech companies, industries, and governments have identified as blockchain as a revolutionary technology.