Reasons To Give More Importance To Blockchain Technology in 2018
The year 2017 has already given you many proven use cases of revolutionary technology Blockchain and 2018 has much more to explore the importance of this enormous technology.
Blockchain technology, a type of distributed ledger that comprises immutable digital data logged in packages mentioned as blocks. These data blocks are piled in a linear chain making a “blockchain”. Usually, a blockchain will be of any type of distributed ledger, since every single distributed ledger doesn’t employ blocks and chain transactions. Blockchain is the emerging technology that lies behind major cryptocurrencies like Ethereum and Bitcoin.
Why is Blockchain Technology still important in 2018?
This inevitable technology empowers end-to-end sharing of databases- no crucial administrator is required. The consent mechanism amid participants allows sovereign verification and processing of transactions on the Blockchain technology. Disintermediation is predominantly important, as it makes it incredible to fiddle with the data. If entire data was stockpiled by a central authority, an individual gaining access to it would probably destroy or else tamper with it.
Open source technology originates with great efficiency, where you can allow others on the technology in order to boost the sum of possible applications by spreading it. This is the reason why Blockchain technology is going yonder bitcoin to provide different transactional applications. For example, Securities and Exchange Commission in USA has approved Overstock.com to issue its stock over Blockchain. This clearly demonstrates lot many possible applications of Blockchain technology.
Usually, in a Blockchain database, users will be in control of their complete transactions. Blockchain is a public ledger that hides nothing from the users.
High Quality of Data
The data quality is determined by its inclusiveness, timeliness, consistency, accuracy and accessibility for decision making. Data present on a Blockchain database comprises all these features.
Transparency and Immutability
These are the key aspects of Blockchain records. In blockchain, all the users have an unrestricted view of the data. This is exactly what we are denoting as transparency. Moreover, a record on a Blockchain cannot be changed or deleted, it’s immutable. So, the record is highly reliable and could lessen disputes amid transactional parties. Usually, in business transactions, it is very common for transactional parties to differ on the matter of their transaction. Moreover, it leads to litigation that does not assure the innocent party of accomplishment unless the party has sufficient proof.
Increases the Speed of Transactions
Usually, Bank-to-bank transactions might take days of time to settle especially beyond ordinary working days. Blockchain technology can lessen the transaction time to minutes. Moreover, you can send money anytime, anywhere in the world.
Blockchain technology, having many fruitful applications in business, healthcare, government, defence and energy, has the potential to make massive transformation through many sectors. Yet, the technology is still in its initial stages and the understanding of these benefits will consistently base on whether people will quickly take benefit of this technology or not.
BlockC60 Events is conducting an event #WorldBlockChainOpportunitiesSummit (6 Feb ’18, Hyderabad), which aims to join Blockchain gurus and technology pioneers around the globe sharing knowledge, trends, tips, and insights about Blockchain and Distributed Ledgers, an innovation technology that empowers trusted digital transformation.
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