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. It’s distributed, secure and anyone can change the underlying code and can check what’s going on. It doesn’t 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 realtime data maintaining the transparency of the process. It permanently records all the transaction which is impossible to duplicate or alter.

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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