Despite the wonderful possibilities that blockchain technology brings, there are still some amazing facts and statistics that remain uncovered. Blockchain is a decentralized database that is stored on multiple computers that have identical copies. Being decentralized in nature, it is considered as highly secure, as no one can alter or remove any single entry. It would require changing all the nodes – which is practically impossible. It’s because of this highly secure nature, that blockchain has been used in the world’s most popular cryptocurrency – the bitcoin. Well, other than currency, blockchain has a lot many applications too.
What the internet did for communications, blockchain has the potential to do for trusted transactions. After all, it is a decentralized ledger of all the transactions across a peer to peer network.
So, why is the blockchain technology important?
- It records and validates every transaction. This makes it very reliable.
- Discards the need for any third party for peer to peer transactions.
- The users are in complete control of their transactions and information.
- It is complete, consistent, timely, accurate and widely available.
- It reduces the transaction times to minutes and are processed 24×7.
- Because it is decentralized, the system is very difficult to hack.
Practical applications of this technology
For creating digital identity and passports, the blockchain technology could greatly reduce the paperwork.
Medical – healthcare:
It could bring transparency and automation within the patient to doctor or patient to hospital transactions.
The ledger system is decentralized and hacking is almost impossible.
Financial and banking:
Streamline payments processing and enables fast and secure transactions.
Counterfeiting the manipulation of the votes during elections.
Buy or sell things without making any commissions to the third parties.
IoT applications have the ability to contribute transactional data to blockchains.
Increased security with a decentralized network gives the blockchain technology an edge over the others when it comes to critical applications that require more in terms of reliability and trust.
Here are a few interesting statistics to look at:
- The global spending on blockchain has increased by 2.1 billion in 2018.
- The blockchain market is expected to be worth 20 billion by 2024.
- 69% of the banks are currently experimenting with the blockchain technology.
- 33% of the bankers are expecting commercial blockchain adaptation in the next year.
The blockchain technology is the future of applications that require high end security in transactions. It will not be a replacement for the internet as many see it, but it will definitely be the go to technology for those who seek reliability in their transactions over the internet. The full integration of this technology in all walks of life may take years, but it definitely seems like a technology that can be relied on. In some industries, it has the potential for large scale implementation and could bring about a revolution in the way things traditionally work.
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