How Blockchain is Becoming the Next Big Technological Advancement?
There is no point in arguing that Blockchain technology is going to be the buzzword for the years to come. Initially, it is have come up as another utopian idea, but now it is gradually transforming into a reality. And once that happens, we all can see the real applications of Blockchain technology for the masses. That being said, the idea of this article is to make you aware of the future prospects of Blockchain technology and how it can be used for the greater good?
What Exactly is Blockchain?
In simple words, Blockchain is nothing but a decentralized digital ledger. So, at the primary level, these are nothing but blocks that contains pieces of digital information. In a Blockchain, every other transaction creates a hash, while the current block refers to the previous block. No matter how complicated it might sound, it is the most effective way to scatter information across various terminals.
Future Prospects of Blockchain
Coming right at the heart of the article, Blockchain is by far one of the most booming technologies of the 21st century. That being said, down below is the list of some of the future prospects of Blockchain:
Currently, some of the biggest challenges faced by digital advertising includes bot traffic, domain frauds and above all, lack of transparency. Working under such an environment, Blockchain provides the perfect solution for all digital marketers. With the help of Blockchain, only genuine companies can sustain while eradicating the rest of the bad apples. As Blockchain is gradually holding its ground, it can help the advertising companies to grow their businesses.
Although Blockchain is mainly marketed as a public ledger, it still verifies the data and their sources. Implementing Blockchain within the security infrastructure of the company will entire that the data is not breached or gets into the wrong hands. The decentralized system also ensures that not a single individual will have access to the entire information of the company.
Supply Chain Management
It is only possible through Blockchain that one can keep a record of the entire transaction from the beginning till the end. It also ensures better transparency over the supervision of the transaction discarding any malpractices. Human errors, along with time delays, can also be minimized through the same procedure.
Generally, data stored within the clouds are within the centralized servers. That means, there is a huge scope for data loss, getting hacked, and even human errors. With the implementation of Blockchain, cloud storages can be protected from such mishappening. That being said, even a small fraction of the data gets compromised, they can still be retrieved through advanced computation programs.
Internet of Things
Companies such as IBM and Samsung are already working towards a new concept known as ADEPT. The sole purpose is to create IoT devices within a distributed network. With Blockchain there won’t be any requirement for a central location, which can improve the flexibility of such devices.
Discarding Third Parties
One of the biggest flaws within our society is that third parties are the one which facilitates the communication between producers and direct consumers. With the implementation of Blockchain, there won’t be any need for such bridges. Services can be provided directly to the end customer without raising any cause of concern and complete transparency.
While the majority of us associated Blockchain technology with bitcoins, it is not constrained to the cryptocurrency and financial sectors anymore. Revolutionary technology such as the Blockchain certainly has a bright future ahead. If implemented correctly, Blockchain can truly change the world for the greater good.