Blockchain technology, mostly in the context of the cryptocurrency, Bitcoin is one of the hottest topics in today’s technology and business world. It has the potential to impact a plethora of sectors, right from education to finance to supply chain management among various others. With Blockchain technology gaining momentum, many industries and investors are jumping on to the bandwagon. The question often arises from both a consumer point of view as well as from the point of view of an investor as to whether Blockchain technology is merely a fad or a bubble which is waiting to burst or is it here to stay. This article seeks to argue that this technology has wide-ranging implications which will result in a change in the way in which we do business, and is definitely here to stay. This is so because of the following reasons-
Benefits of Blockchain Technology
The manner in which the technology works is that it works as an encrypted ledger which does not allow data to be changed unless there is a consensus of all the parties that can view that data. The consequence of this is that it makes date tampering near impossible even by those administering the data. This feature works towards the user being directly able to verify the information without the involvement of a third party. These features contribute to having a system in place which is not only transparent but highly secure and makes the transactions faster with a reduction in cost due to the elimination of third party involvements.
Revolutionary changes to the way in which Business is Done
These features described above have been implemented by various industries revolutionizing the manner in which business is done. Sectors such as the Supply Chain Management and Finance are making use of the invaluable features of transparency and security such that industries in these sectors can easily keep track of millions of transactions. It also has a vast impact on the time used in cross-border payments by using smart contracts which use Blockchain technology.
Blockchain technology is still in a very nascent stage and even in this stage, it has an array of uses and benefits with wide-ranging positive implications for various industries and sectors. With the development in technology and virtually no issues with the usage of the technology, blockchain technology is definitely here to stay.