Present times are witnessing attraction and buzz created by blockchain. This technology has high importance for organisations in different sectors. Yes, different sectors – although what we get to hear normally in this regard is about the banking sector.
Consequently, it has resulted in developing several new start-ups and create thousands of jobs for people. Be it mobile payment solutions or healthcare applications, blockchain is making things happen for everyone, in several domains!
This technology is a wonderful one. If anyone is thorough with data science, cryptocurrency, serverless computing, that experience can easily help them to leverage the benefits of blockchain.
So, let us get to know this tech that is offering amazing solutions for different fields. Let’s start by clearing our fundamentals first.
What do we understand by this technology?
For many years now, blockchain has successfully created a buzz amongst users. This technology which appears difficult to comprehend is actually quite simple to understand; keep reading and you will understand what I am referring to.
Essentially, it is a type of database. It is different in comparison with other databases. Now, this is because of the way information is stored here. Before we get on to understanding the storage process, let us first understand what is a database.
A database is the collection of information that is electronically stored on a computer system. This information, for easy comprehension and searching, is in a table format. This is somewhat like a spreadsheet, but please remember, databases and spreadsheets are different from each other.
While the latter are designed for a person or a small group, the former houses a LARGE amount of data/information that can be accessed quickly and easily by a number of users at once!
The amount of data, which stored this way is huge. Thus, large and heavy databases house data on those servers, which are made of highly powerful computers.
These servers, many times are built using hundreds and maybe thousands of computers. Obviously, the computational capacity has to be quite powerful. Only this way, multiple users can be enabled to access data and that too, quickly!
A number of people can access the databases and spreadsheets. But quite often, they are owned or controlled by a person who has been assigned that task or a business.
The entrepreneurial organisation or the appointed person holds complete control over the spreadsheet and consequently, on that data. Blockchain is different in this respect. HOW? It doesn’t let a single entity own or control the data.
Domains banking on this technology
It was initially developed for Bitcoins, but it has become famous rapidly. The reasons are many – the capability of recording anything valuable, creating a vast globally distributed ledger.
Let us look at some of the domains where it is being used for the better. This tech is used in:
- Infrastructure
- Case studies
- Mobile banking
- Healthcare
- Application development
- Peer-to-peer transfers
- e-Governance
- Banking sector
- Smart contracts
- Digital currencies
- Markets and marketplaces
- Internet of things
- Fintech applications
- Devising regulatory frameworks for blockchain development.
Improving digital identity
Users can choose to identify themselves and with whom they wish to share that information, with a block-chain enabled infrastructure.
People are still required to register their identity on a blockchain. Once they do, then they don’t need a new registration for every service provider. But it must be ensured that those providers are connected to the block-chain as well.
Thus, the application of the titular technology can be used for knowing customers’ requirements. Here, one digital source of identification information can make the following possible:
- seamless account opening,
- reduced resources and costs.
And all this takes place while taking care of the data privacy. Consequently, new start-ups are coming up in the field of identity management and they are developing apps too!
Enabling cross-border payments
Blockchain tech can further improve cross border payments. This process has already simplified the transactions, made them faster and reduced costs to a significant extent.
As a result, the requirement of middlemen has also been done away with. Simultaneously, remittances would become more affordable in near future. It can be reduced from 5-20% remittance costs to 2-3%.
Moreover, real time transactions can be guaranteed across borders. Improvement? A DEFINITE ONE!
A few final words for the readers
The blockchain’s ability has made entrepreneurs take keen interest in this field.
It is a stupendous technology and has the ability to record, store and move assets with automation, ease and in a decentralized manner.
Internet of things is the mother tech here. It has brought our sci-fi fantasies to life!
IoT is here to stay and evolve, for better!
Do you wish to update your ways of payments?
Make them more secure?
Do you plan to switch to new, better and most updated ways to upscale your business?
Do you wish to lead in your domain with the latest techno stuff?
Do you wish to opt for IOT app development for your venture?
If answer to all or at least one of these questions is ‘yes!’, then reach to us at Techugo! We are a web solutions and application development company. We have been catering to business ventures across the globe.
We offer quality-laden, end-to-end solutions coupled with latest technologies like – AI, AR, VR, Blockchain, etc.
So, don’t wait any longer. If blockchain technology is what you are impressed with and want to move ahead with it, connect with us today! Link in for the best advice for your business.
Let’s explore and expand together, for better!
