Blockchain Technology is the Future: Cracking the Codeby Clayton Clive Blogger
The technology advancement is bound to change people’s lives. Blockchain is one such technology, which will disrupt the world with its transparency and security.
While blockchain is known for the rise of digital currencies over the past years, the capability of blockchain technology application is beyond cryptocurrency. The real potential of blockchain is being discovered recently, and many are attracted to it as it allows to cut costs, increase efficiency, and ensure full transparency.
As the impact of blockchain is being realized in several industries, it is clear that blockchain will be the technology of the future. Let us investigate further on how blockchain is creating an impact in industries.
Impact of Blockchain in Industries
Green Bond Issues
According to the HSBC report, the use of blockchain and encryption algorithms boost confidence in the bond market. They are using blockchain for green bond issues due to the technology’s efficiency and credibility. The technology is relevant in structuring and distribution; transfer of ownership, payment, and settlement.
Blockchain technology is more promising and talked more in cross-border payments. It provides a cost-effective alternative to traditional cross-border payments. While the traditional money remittance costs are as high as 20% of the transfer amount, blockchain cuts the cost to 2% and assures real-time transaction processing speeds.
Smart Contract Technology
The potential applications of smart contract technology are limitless and are explored in almost all fields of business wherever contract law would apply. The contracts are computer programs that oversee the aspects of an agreement from facilitation to execution. They are self-executing and self-enforcing. It is a more secure, automated alternative, faster, and cost-effective as compared to traditional methods.
The independent verification processes that take place throughout the nodes (member computers) on a blockchain network is used to approve transactions. This mechanism is applied to identity verification. The the self-sovereign identity will facilitate users to maintain a single digital across the platforms, while choosing the data they wish to share.
Compatibility with the Internet of Things (IoT) devices
The IoT devices can acquire much-needed security by integrating with blockchain. The companies can use the devices to track the products and exchange information.
Health insurance payers, providers, and pharma companies are expected to be the early adopters of the technology. The global blockchain technology market in healthcare is estimated to cross USD 500 million by 2022. It is growing at a CAGR of 61.4% between 2018 and 2022. The application of blockchain technology mitigates the risk of trust and security while going digital. It has started to migrate from the pilot Proof of Concept (POC) to select Business-to-business (B2B) commercials.
Blockchain engineers have moved far in using the technology for several industries. The banks like Barclays, UBS Group AG, and Berenberg are progressing in the direction of blockchain adoption to increase efficiency and reduce costs. It is employed in supply chain logistics and supply chain management. Online voting is another application of blockchain where transparency and security are maintained to cast and count votes. Further, technology is explored in industries like aviation, digital marketing, insurance, music, video games, and much more to make their operations faster, more efficient, and secure.
In brief, blockchain technology’s broad-ranging impacts are novel. However, the progress will be driven by and rewarded based on the initiative the industries take.
If you are interested to play a key role in the blockchain revolution, it is time to consider a blockchain certification. Earning certification helps you to become well-versed in blockchain concepts and principles.
Get ready to be a part of the blockchain revolution and leverage technology benefits.
Created on Oct 17th 2019 04:51. Viewed 286 times.