Blockchain Development taking the e-Services world by storm The technology innovations come and go, but the potential use cases remain. The digital patterns of last decade are the best testament of it where we have seen the instances of many emerging technologies that have reinvented the past, present, and future of the e-services.
Recently, the technology that’s over the tip of tongues of startups and leading enterprise owners, government activists and financial institutions’ CEOs and CTOs is blockchain technology. Most probably, the majority of us have heard about the futuristic technology that’s certain to redefine every industry vertical which is working, operating and executing the processes online. The blockchain is also perceived as cryptocurrency, bitcoin because the technology is developed as an alternative to the digital currency. In reality, it’s more than the substitute to bitcoin and offering the world more than a payment option. It’s a powerful tool for everything we do online that can be- communication, transaction, shopping, or storing the data. Let’s clear up the air how it can be used more efficiently: In everything done over the internet, the data is recorded and that can be accessed anytime, anywhere, which is good. However, the easy accessibility, storage capability and high convenience offered by the digital services have the dark side, that’s every piece of information is at risk. Blockchain technology is the answer to the insufficient safety packed in the e-services offered. See how? At its basic, Blockchain records every piece of data and store it in the form of blocks or nodes, and then in the nodal arrangement. The blocks are chained together across a decentralized network of computers worldwide. The blocks are immutable and enable data exchange without having any intermediaries in between. All in all, the globally distributed ledger stores the blocks on the millions of computer ensuring the data storage and data sharing securely with no intervention of third-party, which establishes the trust in the technology and make it impossible for the hacker to fraud. It’s the reason that the blockchain is regarded as the second generation of the internet that dramatically reduced the cost of the transaction. In addition, the smart contracts on the blockchain mitigate the cost of the transaction by two folds with the self-execution and enforcement of the complex instructions, which eliminates the agency and coordinating costs. The digital piracy also comes to an end where the creators were not compensated in full for the intellectual property they have created. Blockchain offers a new platform where the artists can create a digital registry of
artwork and upload it on the blockchain that ensures the condition, authenticity, and ownership of the artwork will remain intact. The blockchain development that’s encapsulates the ample of benefits is likely to disrupt the online services. Below are the use cases of blockchain that definitely change the world: DECENTRALIZED SOCIAL NETWORKING SITES The social networking sites are the goldmine of user’s data on which the businesses are highly capitalizing. But, the main drawback of the social platform is privacy, data security and centralized control over the data. The blockchain-based social channels bid a goodbye to the challenges users are facing by eliminating the middlemen from the equation and removing the central control over user-generated data. STOCK EXCHANGE The role of intermediaries, regulatory processes, and operational trade clearance increases the time length, costs in terms of commission and the complexity of the transactions through which traders, brokers, and stock exchanges go through. The blockchain technology makes the process optimal with decentralization and automation where the transaction settlement gets speed up and the costs get reduced. ENCRYPTED MESSAGING The P2P messaging apps powered by blockchain encrypts the messages and store data bits on several computers globally that can only be accessed through a private key. Echo is one such decentralized messenger which is hard to hack and don’t compromise on the user’s right of free speech by allowing them to save and exchange the data without getting worried about the conversation recording and data privacy issues. It live encrypts everything and reserves the right to the users to delete anything forever. CYBERSECURITY The internet and technology that has added a new dimension to the business services, it has also arisen the new gaps for cybercriminals to exploit the valuable data. Here, the blockchain provides a cyber-defense platform through a consensus mechanism which has no hackable entrance. DECENTRALIZED CLOUD STORAGE We all store our data in the cloud storage. The data is stored on the servers from where you can access the data just by sending a request. It’s so easy, but every time the data centres are not close to your location that results in delivery delays. Another thing is running giant data enters is expensive as they need to be updated, temperature controlled and maintained on a regular basis. In addition, a human error may put the data privacy in danger. Takeaway It’s just the beginning and the new entrant- blockchain technology has gained a wide share of the marketplace with early-stage success alongside a couple of failures. However, everyone is discussing how blockchain technology can disrupt their industry with potential use cases.The aforementioned points are just the instances of what technology holds in the bucket for some digital services. Still, the list is not complete. There are many more services, innovating and experimenting to make the most out of the technology.
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