Introduced in 2008 as an integral part of the Bitcoin wave, future benefits of Blockchain technology has now become the most talked-about latest advancement in recent times with developers and investors realizing the immense potential it holds . While the term is still confusing with Bitcoin, the two are quite different from one another.
What is Blockchain?
Think of it as a huge virtual public ledger that promises to not only ensure transparency in records but also ensures the security of them . Here the data available in an interconnected “web” of computers that are in control and run by only the respective users .
So, what started as a tool for the financial arena and particular to support cryptocurrencies, is now showing its potential to become a massive game-changer in various industries .
What Does Blockchain Promise?
A decentralized network that keeps data safe even in matters where security might be breached.
Transparency within the network to ensure that data is not tampered with.
Quite cost-effective since it does away with the need for the involvement of a third-party in financial transactions like a bank for instance.
Ensures smooth and quick transactions in comparison to traditional banks due to its ability to work round the clock.
Stores both past and current records for an unlimited period.
Gives the user full autonomous control over their transactions and information, so keeping them away from any third-party platforms.
Despite being in its early days, Blockchain technology is now becoming a mainstay within the business arena with many industries hoping to enjoy it. So, what role could Blockchain play in the future?
Supply Chain Management
Much like Blockchain, the supply chain industry is also growing with more industries recognizing the pivotal role it plays and so there is no surprise that a more efficient method is now being sought out to cater to the growing demands.
Through Blockchain technology, not only is it possible to document transactions for quite forever but also ensure the transparency of those transactions. Through this, in particular, organizations can cut human errors & time delays while also monitoring costs at each point of the supply chain.
Restructuring The Digital Space
The world of digital advertising is in trouble by many hurdles ranging from issues such as bot traffic, a certain lack of transparency, or simple issues with payment models. This, along with concerns relating to accountability & transparency have put the digital advertising ecosystem at a crossroad.
With Blockchain, yet, this trust is safe through comprehensive data on transactions and distributions. Moreover, since every advertiser relies on data to define success, it is with the help of Blockchain that they receive high-quality data which is accurate due to the distributed ledger approach with does away with any interventions or alterations.
Influencing Banking Structures
The banking infrastructure is looking for mechanisms to cater to its lending environment and ensure greater visibility within the arena. Through Blockchain, the concept of “provenance” i.e. the ability to track assets throughout its lifecycle will be available within the arena.
With this in place, lenders will be able to design products in a manner whereby their respective contracts can ensure near-real-time information about the asset. In other words, through active knowledge, lenders can view the asset’s condition regularly and then assess those inputs to manage the risk of the loan. Another aspect could be the use of Blockchain to aid with compliance management, i.e. help lenders learn more about borrowers and leverage that information across workflows.
Through this, not only can they have better risk assessment but also ensure compliance with financial regulations through regular reports and interactions.
Collaborating With The Internet of Things
A concept known as ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry) is integrating into systems at tech giants Samsung and IBM where the idea is to create a distributed network of IoT devices.
Through this autonomous network, there will be no need for a central location to manage all communications, and instead, the devices themselves will have the ability to communicate with each other in matters about software upgrades and error handling amongst other things………………Read Full Story at https://autome.me on September 24, 2020.