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Satoshi Nakamoto, an acronym, probably, while solving the problem of double-spend in online transactions, would have never thought, that the simple invention is going to change the way the world looks at digital transactions, forever. The concept they built - Bitcoin - and the technology they built it on, an ever-growing chain of blocks, Blockchain, has now grown into something that is changing technology for good.
How Did Blockchain Change The Realm of Technology?
Efficient Transaction and Services:
Blockchain is a decade-old invention still trying to find its footing in this dynamically changing world. However, the world’s first decentralized cryptocurrency comes with many benefits. Cryptocurrency delivers users to wire money across national borders without splurging money or spending too much time. Blockchain technology can be used to streamline all kinds of financial transactions with reduced cost and timeframe by getting rid of intermediaries. Moreover, the money can now be transferred directly to the person securely. As there are different types of blockchain-based currencies, you may find it hard to counterfeit them.
Nothing Can Be as Transparent as This:
Blockchain is synonymous with transparency. No matter the type of business or governance operations you are trying to conduct, a whole new level of transparency can be achieved. By default, each data-block connects to the blockchain, so, any manipulation of individual blocks would ultimately change all other blocks and alert the parties who are involved in the transaction. Take the matter of recording property rights by using blockchain as an example. The owners can easily trust their deeds to be both credible and permanent as the technology will work as a public record fortress that is nearly impossible to hack.
No one wants their contract to be full of holes that can be altered or taken benefit of easily. Blockchain technology has powered smart contracts that are agreed upon between two parties. The conditions are not that lenient, as they are basically computer codes built into blockchain. They are able to verify or negotiate a contract agreement. Once the pre-agreed conditions have been met, the terms of the agreement are carried out automatically or at less cost without the need of including any third-party mediators. From project management to supply chains as well as logistics, companies can easily utilize blockchain technology to get more efficient connections.
Healthcare Will Become Cheaper:
Wouldn’t you want to save time and money on tests that you might not even need without compromising on delivering the best treatment possible? Transferring medical records between healthcare providers can sometimes be slow as there might be some incompatibilities between the providers’ systems. However, when we attach individual records to the blockchain system, we can improve credibility and enhance the accuracy and availability of individual medical histories. In short, it means that now you can own your medical data within a permanent and accessible record.
Get Bestowed with Efficient Taxation:
What do you get out of the amalgamation of trust, security and transparency? A lenient tax collection and compliance. Blockchain not only allows multiple parties to verify every step of the procedure but also radically improves the procedure of tax collection. It will reduce the costs as well. Although considered a heretic idea, the government around the world could start implementing blockchain technology to set up a smart tax system for both companies and citizens.
Ready to take a leap?
We are a Bangalore based Product Development and UX firm specialising in Digital Services for the whole spectrum, from startups to fortune-500s. We do not redefine anything or reinvent the wheel.
Some of the enterprises that are using blockchain are Tesla, Amazon, Shopify, IBM, and Gucci.
Based on practicality, the top five blockchains are Ethereum, Tron, Binance, Polygon and Ripple.
At our Web Development Company in Bangalore, we use Solidity and Vyper for blockchain.
Public blockchains are open, decentralized networks where anyone can participate and validate transactions. They are characterized by transparency, immutability, and security, and are often used for applications such as cryptocurrencies. Private blockchains are permissioned networks where only a select group of participants have the authority to validate transactions and maintain the network. They are often used for applications such as supply chain management, digital identity, and interbank transactions.
The utility of blockchain will bring you decentralised databases, enhanced securities to protect your critical data, and greater transparency.