Blockchain faster. Many banks are also started gradually investing

Blockchain Technology

Blockchain is a technology that enables of moving Bitcoin’s
or assets from one individual to another individual. Blockchain is highly used
in the transaction management and it is replacing the existing transaction
system.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

In the case of money transfer, people need to trust the 3rd
party to complete their transaction, Blockchain technology is now challenging
the status QUO in a radical way by using math and cryptography Blockchain offers
an open decentralized database of every transaction involving value MONEY,
GOODS, PROPERTY, WORK, OR EVEN VOTES. Creating a record whose legitimacy can be
verified by the entire community.

The uses of blockchain technologies are endless.

•    It will make it
easier for the immigrants to send money back to countries where access to
financial institutions is limited

•    Financial fraud
will be considerably reduced, as every transaction will be recorded on a public
and distributed ledger which will be accessible by anyone who has internet
connection

•    Wills and
Contracts that execute themselves or dated proof of existence for ideas, much
like a patent.

Blockchain technology
Implementation in multiple industries:

1. Banking and Payments

 Blockchain can be
used to give admittance to the financial services for billions of people across
the globe, including those who are in the 3rd world countries who
don’t have the access to approach the traditional banking services. Bitcoin
allows everyone to send funds across borders immediately and with relatively
low fees.

Various banks like Barclays are also working on introducing
blockchain technology to make their business operations more efficient, safe
and faster. Many banks are also started gradually investing in blockchain
startups and projects

 

2. Cyber Security

Even though the blockchain is the public ledger, the data is
verified and encoded by using the advanced cryptography. In this way the data
is less exposed to being tampered or changed without authorization 

 

3. Supply Chain System:

Blockchain technology to build a global hacking proof system
by the digitizing trade workflow and tracing shipments end-to-end. This eradicates
frictions including costly point-to-point communications. The mutual aid will
launch with potential ability to trace millions of container journeys per year
and incorporate with customs authorities on selected trade lanes.

•    Provide a Safe
data exchange platform for all the stack holders involved in the supply chain
system

•    Established a
hacking free repository to store all the documents involved as part of the
process

•    Regular shipping
events help to reduce the significant delays and frauds, saves billions of
dollars annually

•    Reduced the
hurdles in between trade organizations thereby increasing the worldwide
GDP  by 3%

4. Forecasting

Blockchain technology is set to change the complete approach
to research, consulting and forecasting. Online digital platforms like Augur is
willing to create a global decentralized forecast markets. These blockchain
technology can be used to place and monitor ventures on anything from sports to
stocks to elections in a decentralized way    

5. Networking and the Internet of Things

IBM and Samsung coming up with a new concept called ADEPT by
using blockchain technology, which will build a decentralized network of IoT
devices. Functioning like a public ledger for a large number of devices, it
would wipe out the need for a central location to manage communications between
them. The devices would be able to connect to each other directly to update
software, manage bugs, and monitor energy usage

6. Insurance

The worldwide insurance market is based on the trust
management. Blockchain technology is a new way of handling trust and can be used
to verify several types of data in insurance contracts, such as the insured
person’s identity. So called predictions can be used to integrate in the real world
data with the blockchain smart contracts. Block chain technology is very advantageous.
For any type of insurance that depend on the real world data

7. Private Transport and Ride Sharing

Blockchain technology can be used to create decentralized forms
of peer-to-peer ridesharing apps, allowing car owners and users to place terms
and conditions in a secure way without 3rd party providers.

8. Cloud Storage

Data on any centralized server is normally exposed to tampering,
data loss or human error. By using blockchain technology cloud storage can be
more secure and tough against attacks. Storj is one example of a cloud storage
network which is using blockchain technology.