Is Blockchain Technology Really Built For The Future?
Technology is still futuristic; it undergoes a great deal of change and evolution, improving its bottlenecks and improving its performance. All of the technologies developed so far, such as AI, ML, Big Data and Blockchain, are being transformed and updated. The goal is to get them ready for the future. In nature, technology is highly dynamic, and it tends to undergo upgradation, to make it unfailing. So this leads us to speak about Blockchain, which evolved back a decade, and it managed to become an integral part of most of the industries in this tenue. Blockchain survived all the odds amid the fears surrounding its longevity and resilience, and now most of the major names in the industry are looking at Blockchain to be a panacea for the bottlenecks they face for the traditional technical platform on which it relies.
We need to analyze this technology and its main characteristics to grasp Blockchain’s development and proliferation in the future. These characteristics are what determine the durability of the Blockchain. The latter is the distributed ledger technology that was first noticed by Bitcoin in 2009. Although its initial usage was restricted to the trading of Bitcoins, the multitude of features of Blockchain rendered it useful for almost all business verticals.
Some of the main issues that Blockchain tackles are:
1. Inadequate transparency
2. Data monitoring
3. Knowledge authenticity
4. Data security security
5. About interference by brokers
If you take a deeper look at the Blockchain technology features, then you can find that all the Blockchain features are a solution to the above-mentioned problems. On this, let’s expand a little more:
1. Transparent business practices- Blockchain provides a transparent mechanism that is readily available to the network’s citizens. They can see all the data easily and access it as and when needed. Transparency is therefore a key aspect of Blockchain, making it an unavoidable technology of the future for most companies who seek to gain consumers’ interest by providing them a transparent operating system.
2. No interference from third parties- other Blockchain’s notable function is that it runs on peer-to-peer networking. This suggests that no third-party interference occurs. This makes it possible for all sides to communicate with each other directly and conduct a business transaction. It saves not only time, but also transaction costs and processing fees.
3. Data time-stamping- Any information that finds an entry in the DLT is error-free. Time-stamping of information ensures that the information can be easily monitored as needed. In addition, any shift in the data blocks will affect the data, and it will be easily noticeable to the user. Therefore with Blockchain, the authenticity of the data is ensured.
4. Data security- Data security is the most critical challenge that any business owner faces today. Because all information is accessible and vulnerable in the modern world, access to this information is easier for hackers, but with Blockchain, this possibility decreases. Since all data is cryptographically secured, and no one can access it without authorization, it reduces the issue of data breach.
All these characteristics are not only relevant today, but also for tomorrow. Companies will prioritize maintaining a consistent working framework to gain the trust of consumers and more brand loyalty. This job becomes simpler with Blockchain. So, surely, Blockchain will become a potential technology.
And what is next?
Besides its business proposals, Blockchain also provides those who want to develop professionally with a strong career opportunity. Blockchain Council is offering Blockchain’s best online certificate program, which will help you master this technology. To learn more about the certification program, contact the Blockchain Council and apply for the best program today.