We are living in an era where every change is driven by technology. There are so many developments taking place, but amidst all this development, there is also a need for technology that is safe and guarantees the faster exchange of information. In 2009, the world got to know about Blockchain. It is a distributed ledger technology that started its journey as the underlying framework for Bitcoin exchange. However, over a period of time, Blockchain underwent transformations, and today we find a multitude of use cases of Blockchain technology.
What is Blockchain?
It is a distributed ledger technology that works on peer-to-peer interaction. It focuses on creating a transparent system that is free from data theft and data breach issues. All the information on Blockchain is encrypted cryptographically, and hence it has become the probable solution for secured data storage.
Here is why Blockchain is the future of technology:
Blockchain offers many features that make it the right platform for data storage e and monetary exchange. Some of its key features which makes it the technology of the future are:
1. Encryption of data- The first point that we are highlighting is data security. As our dependency on digital platforms is increasing, so is the vulnerability. The conventional digital platforms are not so secured. All the data is lying in the virtual world and is easily accessible, but with Blockchain, we can overcome this problem. Blockchain allows encryption of data and each of the data gets an entry in the ledger in the form of a block. And these blocks are interlinked with each other. So, any changes in one of the blocks will trigger the change in others as well. This is how Blockchain’s encryption can prove beneficial for other digital platforms.
2. Faster operation- One of the noticeable features of Blockchain is that it doesn’t rely on third-party for validation and approval. In that case, the two interacting parties directly connect with each other. This makes the system far more transparent and works faster. The validation period is reduced. This feature of Blockchain will propel faster transactions and will help the banking and financial system become more efficient.
3. Traceability- This feature of Blockchain will help retailers, supply chain companies, logistics companies and others. Tracking of data is a key issue, and the conventional platforms are not so user0firneldy, but with Blockchain, we can easily overcome all these issues. Each of the information in Blockchain is in real-time, and the changes are easily reflected throughout the system.
4. Accessibility of information- It is important for companies to invest in an accessible system wherein the information can be accessed from any corner. Blockchain doesn’t depend on a single server. Rather, the information is distributed, making it easy for the user to access the information.
5. Universal infrastructure- Another feature of Blockchain is that Blockchain offers a universal infrastructure, and you can use the same functioning across the different industries.
Owing to these beneficial features of Blockchain, it is expected to witness a whopping growth of 67.3% between 2020 and 2025. And if you too want to become a Blockchain expert, this is the time to start your journey. Enrol with the Blockchain Council for the Blockchain certification.