The Potential of Blockchain Technology

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The Potential of Blockchain Technology
The Blockchain technology is making every
business curious. It is a new concept but its
immense potential offers different industries
great opportunities. It has the power to
revolutionize the world economy.
It is a digital distributed ledger where the
peer-to-peer exchange of information and money is
possible between the connected networks. In
simple word, think of a huge global spreadsheet
that works on millions of computers. Its
distributed, secure and anyone can change
the underlying code and can check whats going
on. It doesnt require powerful intermediaries to
settle the transaction. Blockchain and bitcoin
have become one of the hottest technology topics
in the world. However, most of the other
cryptocurrencies also use blockchain technology.
The two other main cryptocurrencies are altcoins
and tokens. This technology continuously syncs
the real- time data maintaining the transparency
of the process. It permanently records all the
transaction which is impossible to duplicate or
alter.
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Current scenario and how it is working The
blockchain space is anticipated to spread by
42.8 by 2020. 600 billion was the total size of
cryptocurrency market by 2017. Global spending on
blockchain solutions in 2018 is already 2.1
billion. Also, blockchain related job tripled
from 2017-2018. There is a lot of potential
behind using this technology, Smart contract is
one of those. Smart contracts are agreements that
work using a machine which obviously makes
third-party interference irrelevant. They are
actually impressive. It is you who will make the
agreement. There is no need for broker or lawyer.
All the documents are encrypted on a shared
ledger and are duplicated many times over it
offers transparency. As there is no need of any
intermediary, it makes the process
cost-effective. It is fast and accurate as there
is no manual filling of forms. Since data is
fundamentally unalterable in a blockchain, it
makes reviewing process easy. The process of
internal audit can also speed up. More accurate
information from the database which is simple to
discover making the process fast and easy. Even
during the time of crisis, blockchain technology
makes the process of problem tracking much
easier. Within few minutes you can check your
digital data and get to understand the root of
any fault. Be it a liability insurance to cover
accidents or workers compensation insurance,
using blockchain for claims filling promises
error-free and fast return of the payments.
Companies today mostly carry more than one type
of insurance, so using blockchain allows fast
settlement and prevent fraud. Blockchain can
prevent the human error and change the scenario.
Not lot of people are confident of preparing
taxes and this can be taken care by utilizing
blockchain technology. Conclusion Different
industries expect to receive different treatment.
However, so far the researchers have made it
clear despite some controversies blockchain is
getting a mainstream popularity. It is always
recommended any businesses opting for blockchain
technology service must check the pros and cons
beforehand. For a better understanding where your
business needs blockchain, check our recent
blog. We are an IT solution company. We have an
experienced team working blockchain technology,
Amazon Alexa skill service and developing
innovative mobile applications for both iOS and
Android. Know more here.
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