Blockchain - The Future?

Blockchain - The Future?
Techiio-author
Written by Shuvhojit DebJanuary 24, 2022
8 min read
Blockchain
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Shuvhojit Deb

Full Stack Developer

In this blog, let's discuss if blockchain is the future or not.

What is Blockchain?

Blockchain refers to a technology that brings in the solution to the age-old human trust problem. It emerged in the market with the renowned cryptocurrency Bitcoin. It provides an architecture that allows us to trust a decentralized system (Internet or Web) rather than trusting any actor within it.

It runs on top of a peer-to-peer network and holds identical copies of the ledger of transactions. This helps to avoid any middleman, and the entire process of transaction takes place through machine consensus. It is a ledger that is shared between multiple entities that everyone can inspect, but not any single user can control it. It is a distributed cryptographically secured database that keeps the record of every transaction from the very initial one.

Is Blockchain the Future?

In today’s world, digitization is getting popular. Mainly the transactions are done through cards or Internet banking, or any other different means of digital payment, which results in a lot of transactions in very little time. To handle the financial transactions or cluster of transactions and be secure and reliable in digital payments, blockchain has been the most popular technology used, which decreases the fake payments and provides security to data of the financial market, collateral information, and payment system. Blockchain provides great benefits as it helps in saving them time and money, transactions are more smooth and processed in no time, and validation is done very easily. It uses the distributed database to do all the operations smoothly.

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The blockchain has a bright future in different sectors. There are some of the sectors in which the blockchain is being used as the Future that are:

Smart Contracts:

A smart contract is a digital form of contract which has programmable architecture. So, the details of the contracts are stored in the Blockchain block. This enhances communication. It is also useful to keep track of assets for the long term. Also, relations with consumers are dependent upon smart contracts.

Banking:

It typically takes multiple hours to encash a cheque and update the statement. While using Blockchain technology, it will be done in merely ten minutes. The time needed is the same as the time necessary to add a block in the Blockchain.

Food safety:

One of the most notable use-cases of blockchain includes Food safety. IBM, in collaboration with Walmart, is utilizing blockchain technology to improve food safety. With every single information of food during its transition time, the food will always reach safely to the end consumer. The manufacturers only need to make sure that they put a barcode on each food item so that it can be tracked through blockchain.

Cybersecurity:

Blockchain is really helpful in cybersecurity. It helps in providing the security of data and less attacked. The information cannot be modified without any authorization. The data is mainly verified and encrypted using cryptography technology.

Advertisement:

There is a lot of digital advertisement is going on the web or the internet, but it is facing a lot of challenges like frauds, price issues, traffic, payment models, and lack of transparency. These issues can be resolved with the help of blockchain as it provides transparency to the supply chain and is the trust. This allows the correct or trusted companies to succeed and decrease the wrong things supply chain. Large advertisement companies are looking for this technology to grow their business around the world. The blockchain is one of the great future in this advertisement industry.

World Trade:

Blockchain technology is also used in managing world trade. It is valuable to business particularly and makes it easy for tracking the supply chain for anyone. It helps in tracking the shipment numbers easily to avoid any loss of shipment details. It enables the various parties to be involved in the process the order to follow the defined procedure from start to end. This technology helps in tracking down fake products like medicines, food products, clothes products, auto parts, etc. So Blockchain will be an important future technology.

Conclusion

The blockchain is being widely used in finance industries, which is used to handle a lot of transactions daily, but this technology is not limited only to this industry. We have seen Blockchain technology is used and has a great future in other industries as well as an advertisement, supply chain, forecasting, cybersecurity, internet of things, and networking.

Blockchain also provides great future career opportunities and occupations in different industries. It helps in taking the big thing into a small size. Blockchain helps in performing better faster, and efficiently. It is also used in many government sectors to make their data secure and confidential as it prohibits unauthorized attacks and corruption in any sense. The blockchain is the future of technology and the world. Data is growing at a rapid rate, and security is also the key to concern. Both concerns are being well handled undoubtedly by Blockchain technology.

Blockchain
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