The technology that has brought a ray of hope in small business (struggling to reduce their costs) to large business (struggling to increase the speed of their business operations) is Blockchain technology!
In this blog, we will discuss some applications of this amazing technology and then we will talk about its future.
The term ‘Blockchain’ is being widely used in various articles and blogs on the internet. However, most of these write-ups do not clearly explain what this blockchain actually is?
There is a misconception about ‘Blockchain’ and ‘Bitcoin’. People think that Blockchain and Bitcoin are one and the same thing. But, unfortunately, it is not the case.
Here, we would like to clarify that both of these terms are quite different.
The blockchain is a technology on which cryptocurrencies like Bitcoin are based. This powerful technology has the ability to provide the utmost security, high speed and efficiency to any business network.
Bitcoin is one use case of blockchain technology. Here, we are going to share some use cases that can help you to have an idea about what blockchain can do for you?
Banks are always looking for an efficient way to manage nostro or vostro accounts. These accounts are used to facilitate trade and foreign exchange transactions through reconciliation.
Blockchain, if used, can make this process easier and quicker as the reconciliation of accounts will become automated.
In any business, the task of obtaining approvals from various legal organizations such as customs, trucking or rail transportation entity, port authorities, etc. is time-consuming and hectic.
Here, blockchain can play an important role. All the legal entities can use blockchain for signing all the approvals. In a blockchain network, all the participants have equal access to all the information about approval status and transactions.
Nowadays, electronic medical records are kept in data centers. Moreover, access to these records is limited to the hospital and caretakers.
Since this information is centralized, therefore it is quite expensive and prone to security hacks.
Blockchain can be quite helpful here.
In the blockchain network, the medical histories of each patient are shared among doctors, hospitals, and regulators.
If this shared ledger is updated, then the change is transferred to all the people having authorized access in this blockchain network.
So, blockchain provides a tamper-resistant way of storing electronic medical records.
Exchange of capital, goods, and services across the international border is known as global trade. Cost of trade documentation comes around one-fifth of physical transportation cost.
The reason is that different supply chain participants such as manufacturers, insurers, banks, customs, and border agents depend on different systems for processing transactions.
Here, blockchain distributed ledger technology can be quite helpful to speed up goods on their journey from manufacturer to market. This is because blockchain provides a single view of reality.
In the case of healthcare claims, people do not submit all the required documents. So, as a result, payers need to request for additional information and this process adds costs and delays.
Blockchain technology makes this process easier by automating the collection as well as sharing of information.
Blockchain permits a permanent and permitted record that has all the information about food origin, processing data and shipping details.
This usage of blockchain technology results in a secure sharing of permitted data through an efficient food supply chain solution.
If in case anybody wants to alter the food item, blockchain identifies it and notifies the producer before the item reaches a retailer. A pictorial representation is shown here to make it more clear.
These are some of the applications of the blockchain. Blockchain technology is revolutionizing the world. It has the ability to increase efficiency and security in almost every industry.
According to PWC global blockchain survey 2018, Gartner has found that 82% of reported blockchain use cases were in financial services in 2017. But this stats dropped down from 2018 to 46%.
Here is a video that shows various industries whose efficiency can be improved through blockchain technology.
If we talk about the year 2017, then cryptocurrency took the entire world through the storm in that specific year. Moreover, Bitcoin price went up to $20,000.
There are certain predictions that experts have made for the future of blockchain.
Moreover, here are some additional predictions by tech experts about the future of blockchain technology. Let’s look at them.
Since blockchain technology has the amazing capabilities to enhance speed, data security and to minimize the money fraud, more and more industries are adopting it in their business operations.
Due to this increase in demand for blockchain-based applications, custom blockchain development and outsourcing companies in India are gaining popularity with the increase in time.
Blockchain technology has revolutionized industries across the world. This disruptive technology has the capability of increasing the efficiency of the workflow of any industry.
It is a permanent ledger that is shared across all the participants of a blockchain network. Any alteration in the ledger is transmitted to all the participants in chronological order.
There are absolutely no chances of tampering.
Hence, we concluded that industries from the various sector such as food, healthcare, trade finance, and global trade are getting benefitted by this powerful hyper ledger technology.
With an increase in time, this innovative technology is going to broaden in the future.
The blockchain is the decentralized database of the blocks of information, which gets recorded in the chain format and linked in a secured crypto graphical manner. This technology ensures proper safety of the data due to its secure nature, and it totally changes how people carry out transactions. It also brings about a faster and secure process of validating information needed to establish reliability.
Though blockchain technology came into the market to carry out only digital transactions, it is now used in various industries like supply chain, finance, health care, and many more.
The blockchain technology has made its position in mobile app development as well. Blockchain applications are transparent and accountable. From getting easy access to medical records and buying insurance, you can see blockchain applications everywhere.
Here are some of the areas where you can see the use of blockchain applications and how they have changed various industries.
Ripple is useful for increasing banking transactions. The implementation of blockchain technology in the financial sector is much more profound than any other sector. Ripple proves this. It is one of the greatest tools to record and complete financial transactions.
It develops a large network despite strict physical boundaries. As there is no such third-party involvement present, the cost of these transactions is lower than usual. At the same time, the network also remains transparent and quite secured.
It is normally seen that financial transactions that happen globally are
error-prone and take a lot of time. In addition to this, when the transaction
fees and exchange rates get added up, the total cost usually gets high.
However, Ripple offers real-time international transactions without spending too much money. It has the network of about 200+ institutions making the process affordable, secure, and fast for all sorts of international transactions.
This blockchain application helps in automating flight insurance. Insurance is another area where blockchain is gaining popularity. Through this application, insurers can make smart contracts rather than getting involved in the traditional contracts that are usually complex. Etherisc is the blockchain application that helps customers buy flight insurance. If the flight gets canceled or delayed, they do not have to wait for months to get the payment back. This application ensures an on-time payout.
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Best features DEX brings to the table:
Our blockchain development team is skilled enough to leverage Hyperledger technology to build a secure corporate blockchain for your business and keep multi-party engagements immutable and tamperproof.
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In all the market sectors, Blockchain technology has contributed to the redesign. The improvements that were once impossible have been pushed forward. Blockchain is one of the leading innovations with the ability to influence the various sectors of the industry. It also has the ability to be one of the career-influencing innovations at the same time. We have seen an increasing inclination towards the certification of the Blockchain in recent years, and there are obvious reasons behind it. Blockchain has everything to offer, from good packages to its universal application and futuristic development. Let’s address the reasons why one should go for Blockchain certification.
5 advantages of certification by Blockchain:
1. Lucrative packages- Everyone who completes their education or upskills themselves wants to end up with a good bundle, not only is one assured of a good learning experience with Blockchain, but the packages are drool-worthy at the same time. A Blockchain developer’s average salary varies between $150,000 and $175,000 per annum. Comparatively, a software developer gets a $137,000 per year salary. For a Blockchain developer, the San Francisco Bay area provides the highest bundle, amounting to $162,288 per annum. There’s no point arguing that learning about Blockchain is a smart decision with such lucrative packages.
2. Growing industry- When you select any qualification course, it becomes important that you choose a growing segment or industry that promises potential in the future. You should anticipate all of these with Blockchain. The size of the blockchain market is expected to rise from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. This will see an incredible 67.3 percent CAGR between 2020-2025. To help business processes, several businesses are outsourcing Blockchain technologies. This clearly demonstrates that there will be higher demand in the future for Blockchain developers and certified Blockchain professionals.
3. Universal application- One of the major reasons for the success of Blockchain is that it has a global application. It is not sector-specific. Blockchain usage cases are discovered by almost all market segments. In addition, other innovations such as AI, big data, data science and much more are also supported by Blockchain. It becomes easier to get into a suitable industry once you know about Blockchain.
**4. Work protection-**Surely you would like to invest in an ability that ensures job security. You had the same chance for Blockchain. Since this is the technology of the future, understanding that Blockchain can keep up with futuristic developments will help in a successful and safe job.
**5.**After a certain point of your professional life, you are expected to learn about new abilities that can help enhance your skills. Upskilling is paramount. Upskilling oneself has become the need for the hour, and choosing a path that holds a lot of potential for the future is the best way to do this. For all computer geeks and others who want to gain awareness of emerging technology, Blockchain is a good option.
Concluding thoughts- opting for Blockchain certification is a successful career move with all these advantages. You will be able to find yourself in a safe and secured work profile once you have all the knowledge and information. Link for Blockchain certification programme with the Blockchain Council.
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Everyone must have heard the news of crypto being the hype nowadays and due to that most people are wondering what is this blockchain technology that crypto works on. Blockchain Technology can be used in multiple spaces where large and secured data management is necessary.
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As we all know that in today’s world, technology changes rapidly. From black white television to LED screens, from transferring money via cheque to do a quick transfer via a mobile app. But this is not the end. There are a lot of technology innovations happening day by day to automate the transactions and make our lives easier. The blockchain is one of such technology evolutions which has an enormous potential to grow. Let us try to understand what the future of Blockchain technology is and what are its applications for people like us.
What is Blockchain Technology?
Blockchain is a decentralized digital ledger that provides a secure way of making and recording the transactions like of Bitcoins, agreements and contracts – anything that needs to be recorded and verified as having taken place on Blockchain network. In accounting, there are Ledgers but for Crypto transactions there is Blockchain.
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All transactions happening in Blockchain are secure due to its decentralized, distributed network property. Blocks created in blockchain are immutable and Time stamped. There are almost zero chances of manipulating transactions in Blockchain network because all nodes in the network have to approve the change before it takes place.
Let’s understand a little bit about Initial Coin Offerings (ICO) which is the important aspect in Blockchain and Cryptocurrency world. ICO is the controversial means of Crowdfunding of Cryptocurrency which can be a source of Capital for a small or startup company. ICO is similar to IPO. It is often used as the fund for the development of new Cryptocurrencies.
Knowing the massive potential of what this futuristic technology can do, here I would like to share some of the important Applications of Blockchain Technology.
One example of Cryptocurrency which is the most popular currency termed as Bitcoin. Bitcoin is a first decentralized digital currency which was invented in 2009 by a great developer named Satoshi Nakamoto. After Bitcoin, there are many such Cryptocurrencies out there in the market incl.
What is a Cryptocurrency Wallet App?
Cryptocurrency wallet is similar to a normal bank account or nowadays like your mobile wallet, making it possible to send and receive the digital currencies like Bitcoin with complete security. Forexamples, we use PayPal for payment transactions in fiat currencies, similarly there are Crypto Wallet Apps to make Cryptocurrency transactions possible.
There are different types of Crypto wallets available which includes Desktop wallet, Web wallet, Mobile wallet and Hardware wallet. Each of these works on same concept of digital currency transfer but have different utilities and accessibility.
Why Are Cryptocurrency Wallet Apps Beneficial For Us?
Wallet apps are made as they carry many advantages. Similarly, Crypto Wallet Apps also have many benefits, some of which are mentioned below:
Transferring Cryptocurrencies are much cheaper and faster
With traditional way of money transfer, you need to wait for a certain period to send/receive money and also the bank charges a significant transaction fees per transaction. In the case of Crypto transactions, the process of sending/receiving the currencyis very fast and even with no to minimal transaction fees most of the times as there is not central party i.e. financial institution is involved. This is the main advantage of not having any third party in the transactions.
User-generated and User-owned
If a person holds any Cryptocurrency, only he/she has a control of the account and it is not owned by any other third party. It means that nobody can take away your digital money and it is completely secure in your Crypto Wallet.Get more skills from Blockchain training
Bitcoin, for example, can be purchased by anyone who has an internet connection and a fiat currency to trade for the digital coins. In many countries where the fiat currency is notoriously unstable, people are more inclined to use alt coins as an alternative.
No centralized regulations
Cryptocurrencies are decentralized so not under the control of government, any other countries or any third party which eliminates a lot of hurdles during currency exchange.
Cryptocurrency wallets store your public and private keys and integrate with blockchain for carrying out the required transactions. The transaction is successful only when the public and private keys match.
To get indepth knowledge of this technology and to develop skills to make a great career in this regard one can opt for Blockchain online training Hyderabad.
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