While the business leaders are leaning towards blockchain technology, the most important deal would be to know the intricacies involved in Blockchain development. On the other hand, the entrepreneurs also look out for the blockchain development company or blockchain developers for hire or enterprise blockchain solutions. But before getting into the technicality of things, we need to understand the blockchain technology solution and its implications.
A Blockchain technology, in layman’s terms, is a decentralized digital ledger of all users across organizations. The data is encrypted and a private key is shared with the respective stakeholder to track, verify or share data. Hence, the working of Blockchain relies on three major principles: Decentralization of Data, Private Key, and Authentication.
A Boom in the Blockchain Technology
A PwC survey featured about 600 executives, of which 84% are actively involved with blockchain. It is also revealed that CEOs of major conglomerates have taken interest in Blockchain technology since transparency, business automation, and improved transaction efficiency are in order.
Blockchain Technology Advantage:
Decentralized Network
Decentralized distributed digital ledger containing user information of all users, across organizations, thereby allowing individuals to have their proof of validity
Immutable Data
The data that goes into the blockchain cannot tamper since the data in the entire chain needs to be changed and people in the chain will be notified of the changes
Security
Blockchain technology leverages cryptography to preserve information and provides public/private key to control the viewership/edit rights, making it more secure than the traditional hub network; also reducing the risk of a data breach
Interoperability
In other words, it means no intermediaries; the ability to communicate and share links across various blockchains with little effort
Cost-effective
Distribution & decentralization of data help in the reduction of operational costs.
Disruption → Moving towards Blockchain Industries:
Banking & Finance
The finance sector is likely to undergo a major digital transformation, incorporating the blockchain technology into its workings.
Two Key Benefits:
Spot Trading; albeit, the idea of spot trading is for immediate trade, it still takes a couple of days to close a transaction due to the involvement of intermediaries.
With the implementation of blockchain and smart contracts, it is said to eliminate the intermediaries, thereby paving way for quicker transactions and providing a highly liquid market.
It is said to believe that Blockchain technology will lead to cost reduction in the banking segment. For instance, it is said to facilitate instant international payments with the help of distributed ledger, smart contracts, etc. This would reduce costs on international payments drastically for banks. There are many such benefits that are coming into picture with the penetration of blockchain.
Also, JP Morgan’s patent on blockchain powered payments network for intra- and inter-bank settlements cannot go unnoticed, making it a standing testimonial that blockchain has started disrupting the Finance sector.
Healthcare
Healthcare ecosystem is vast where huge amount of money is involved. But, the existing legacy system will be redefined by the invasion of blockchain technology.
The Key Merits of Implementing Blockchain in Healthcare:
Complete privacy of patients’ personal health information (PHI)
Master Patient Index (MPI) integrated with data that provides hundreds of healthcare management solutions
Streamlined process with no middle-men business (contributes to cost-cutting)
Distribution & decentralization of data helps in detecting frauds, especially insurance frauds; reduces operational costs; ensures no duplication of data; and provides transparency in the healthcare ecosystem.
Cybersecurity
The establishment of decentralized network eliminate the threat of data hacks. Blockchain technology complex structure aids in storing, sharing and securing information. The data will be accessible to all to view, verify, edit, validate, etc. at the same time, making it extremely difficult for the hackers to steal data.
Apart from the aforementioned, there are many more features that are to be unveiled by blockchain’s penetration.
Real-Estate
Blockchain in real-estate actually makes things easier. In case of any buying or selling of properties, or any other concern that arises in the real-estate ecosystem calls in for a never ending legal processes. With the help of smart contracts, blockchain aims to eradicate such paperwork formalities, not to forget the secured way of transacting stuff.
Excluding the aforementioned industries, Blockchain is also disrupting other sectors such as Gaming, Online Music, Online Movies, Travel, Education, Politics, etc., with its many benefits.
While there are many blockchain technology service providers, Blockchain App Factory with its proven expertise stands to be the best-in-class blockchain technology solution to the existing businesses, startups and budding entrepreneurs.
What Does Blockchain App Factory Offer?
End-to-end services, backed up by deep domain expertise and technical know-how
Best-in-class blockchain developers with niche skills in specific industries, et al.
The aforementioned helped Blockchain App Factory to gain precedence over the other players; not to forget the cost-effective solution that comes handy.
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