Future of Blockchain revolves around a lot of applications in the coming years. IoT, Fintech and smart contracts are just a part of the bigger picture. But what exactly does future of blockchain hold?
Features
- All transactions are written on the ledger
- Transaction Irrevocability
- Distributed & Decentralized
- Encryption for Privacy & Security
Potential Applications
- Internet of Things
- Financial Technology
- e-Voting
- e-Healthcare
- Smart Contracts
Benefits
Efficient Tracking
Blockchain ledger presents a visible audit trail to present if the opportunity arises. A trail leads back to where the goods came on the blockchain ledger, with timestamps and verification.
Cost Reduction per Transaction
Blockchain is decentralized by its nature, and it removes the requirement for a middleman to participate in processes. This is particularly true for payments industry and real-estate.
Security
Blockchain is more secure than traditional record keeping systems because every transaction is secured via encryption and has a link to the previous transactions. This is known as the immutable and incorruptible nature of the blockchain which saves it from falsification and hacking attempts.
Authentication
Blockchain improves verification and authentication processes to improve security and prevention of fraud in businesses related to exchanges. It also improves the authentication processes of traded assets. In industries where it traceability is everything, such as (fraudulent) medicine or diamond supply chain, tracking supply chain from manufacturing to distribution. It is also very valuable
This can not only help improve security and prevent fraud in exchange-related businesses, but it can also help verify the authenticity of the traded assets. In industries such as medicine, it can be used to track the supply chain from manufacturer to distributer, or in the art industry to provide an irrefutable proof of ownership.
Good To Know
- 81% of IT heads also said that they are planning to replace their existing system of records with blockchain.
- 77% IT managers believe that they might lose market share or traction if they don’t adopt blockchain.
- Business value added by blockchain will grow to slightly more than $176 Bn by 2025.
- Around 70 million active users of blockchain as of 2021.
