The hype around Blockchain is on a roll with every organization and online website talking about it. Paying attention to the Google searches with the keyword ‘Blockchain’, there has been a steep increase by 250 percent.
People cannot stop praising the most pragmatic application of Blockchain which is Cryptocurrency. As a matter of fact, the U.S Senate lately organized a public discussion that focused on the wonders of Crypto, so you can imagine the popularity that it is receiving along with its underlying technology named Blockchain.
It is this fame of the Blockchain technology that every organization is either using it or coming up with different ways to make good use of it. So, what is it that makes the Blockchain this special that everyone wants to get linked with it?
The Blockchain Technology
Blockchain can be described as a digital ledger that is in the form of a chain of blocks that can be injected with any kind of information. The unique point that makes blockchain technology unparalleled to any other ledger is that the data that it contains cannot be edited, changed or adjusted. And, this is done by using cryptography to link all the blocks. So, if by any chance, an intruder tries to alter the details in one block, the previous block shall refute the information present in all the other blocks.
The beauty of Blockchain Technology that makes it so popular is that it does not involve a single entity that can control the information in it. It is an entirely decentralized ledger that relies on the agreement of multiple entities. Moreover, every record which a part of the Blockchain is made public which means that the content can be verified by all parties at any time.
So basically, if I have to sum up its qualities, the Blockchain technology is immutable, decentralized, consensus-based, trustworthy, protected by Cryptography and is open to being reviewed publically.
Blockchain Technology for Business use
The Blockchain is the first digital ledger that lets you secure as well as validate your ownership in an unchangeable digital asset or confirm a transaction in a transparent manner. So, it is but obvious, that all the major industries in the world aspire to enhance their efficiency by being associated with this revolutionary technology that is the most celebrated invention of this century.
The industry of finance is utilizing blockchain to restructure expensive legacy workflows, refine liquidity, as well as free up capital. The ingenious technology shall also help decrease infrastructure costs, enhance transparency, lessen fraud, and revamp execution along with settlement times.
Further, in the healthcare sector, Blockchain shall allow people to have access to everyone’s healthcare records. And, coming to the retail manufacturing industries, Blockchain can offer more efficient supply chain management, digital currencies, smart contract platforms along with more controlled cybersecurity.
Moreover, in the government realm, Blockchain can magnify the transparency along with the traceability of where and how the money is consumed in government. Furthermore, it can track registration of assets such as cars, and lower the chances of fraud as well as operational costs.