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After the huge financial crisis in the year 2008, Blockchain surfaced and provided its validity to the virtual currency Bitcoin. The cryptocurrency or simply digital currency follows a one-to-one decentralized network of payment with no significant central authoritative control. However, besides all the secured transactions, the talk of the town i.e., blockchain also roles out several benefits to businesses also. Blockchain works as a game changer for organisations, ones who understand and follow this technology very closely.
With decentralised systems which are widely scaled, we can easily curb any fraud, automate the whole manual process and also control for the issues of trust and authentication. Blockchain’s powers can help humans to redefine the legacy architectures of the law and governance, strengthening the lost concepts of meritocracy and democracy.
While the whole time horizon for future based on blockchain is variable, especially because of the unpredictable changes in the space, there are several inevitable elements of this world which the enterprises and the consumers should start putting their minds to.
What Is Blockchain?
Blockchain in a layman’s language is a secure distributed electronic ledger, connecting several people and parties in a trusted network, facilitating the assets transfer and the information on these assets. Initially, it was created as a means through which bitcoin could be legitimized as an authentic electronic currency after the seismic instances in the global financial segments which lead to the financial crisis in 2008.
Blockchain does it securely by recording the digital transactions in a sequence using digital cryptographic keys, which are authentic and are verified by the network. The chain prevents any editing, duplication or removal of transactions, which is done pf everyone’s gadget on the network. The wider the network and the longer the blockchain the more complex is the digital key leading to a more secure blockchain.
Without any further ado, let’s discuss the most important benefits of the blockchain which may prove to be useful for all.
In case of the blockchain technology, all the transactions are made between two parties without any third party involvement, thus making all the transactions on the go. Also, blockchain can efficiently manage commercial actions and smart contacts automatically. Thus, this streamlines all the processes directly and removes the costing the time from the whole transaction.
In comparison to the conventional marketplaces, blockchain is an inherently far more secure. The nature of the present day public ledger is that the data in it is protected and encrypted, such that nobody can manipulate any information. Startups can secure millions of data points across any system by leveraging this power of the blockchain. Like, the world of digital gaming is growing with every passing day. Presently, gamers don’t have any safe environments to conduct transactions which include buying, selling and trading on the huge amount of digital collectables which are earned every year. This results in consumers relying on fraudulent forums, which act as standing marketplaces to cater to the huge demand.These temporary platforms were made for speed, not for security and are now facing consequences, as they are a home to cyber attacking and highly unsafe practices.
One of the major benefits of blockchain for businesses of all sizes is transparency. Due to the lack of commercial and financial transparency may result in sour business relations and delays in trade & commerce. So, to provide the details of the transactions against the commercial construct, transparency and trust need to maintained in the whole process for a steady relationship instead of any negotiation.
From the current scenario it's very clear that blockchain is taking bigger steps into various industries outside the world of cryptocurrency. We could argue that many of us are not yet ready for the decentralized digital ledgers, but looking at the pace of progress of blockchain by far, it will probably won't be too long before the non-adopters join the crowd of followers.