Blockchain technology is the growing invention which includes a chain of blocks. A Blockchain is a distributed or a digital ledger, which is primarily created to record the details of each financial and non-financial transaction. The absolute and permanent data is stored in a distributed database. The entire record is completely transparent which means that anyone who is linking to the network is able to view the transactions. Fundamentally, the Blockchain technology is the combination of three technologies, i.e. private key cryptography, P2P network, and the program. The Blockchain technology has shown its revolution in the field of information registration and distribution which removes the requirement for an intermediary expert to enable the digital relationships.
Blockchain technology has provided the most popular product, i.e. Bitcoin which is a type of cryptocurrency and functions as a public ledger for all transactions happening on the network. It has resolved the problem of double spending, unauthorized spending, and thus increasing security. It also helps to remove the need for an intermediary expert. Since there has been a substantial increase in the number of cyber attacks recently, the Blockchain technology help to attract the varied audience.
Blockchain technology has a great future worldwide. An incredible scope of Blockchain technology has been observed in the financial field. The financial organizations were not able to sufficiently handle the heavy workload after demonetization and thus brought out the problems of having a centralized specialist for handling the financial transactions. As a result, the RBI is inspiring banks to encourage digitization. They have also released a statement which emphasized the probability of Blockchain to fight faking and the chances of bringing about particular modifications in the working of financial markets, collateral identification and payment system. Incorporating Blockchain with financial transactions gives out amazing benefits, such as a significant amount of time and money could be saved, including a drastic reduction in time needed for processing and validating transactions. The blockchain functions on a distributed database which make the operations smoothly, ensuring tight security, and made it safe from cyber-attacks.
After recognizing the benefits of Blockchain Technology, several financial institutions have started spending considerably in this particular field. Blockchain can also help in shortening the flow of black-money and dealing with the extensive money cleaning in the economy because each address used for transactions is stored forever on the databases, making all the transactions provable and responsible. The government is observing Blockchain as a way to explore a range of options which may help to apply a fitter control on the nation’s economy.
Blockchain Technology is one of the most consistent technologies when it requires to keep track of financial properties. Blockchain technology has attracted many companies who want to add the distinct features of it to their security structures. Many studies have been carried out for digital currencies and blockchain technology, which represents that both of these technologies will be continuing to disrupt the world.
Apart from financial industries, blockchain technology also has a bright future in other sectors. Let us have a look at the future scope of Blockchain technology in different sectors:
1. Blockchain in Digital Advertising: Presently, digital advertising faces a lot of challenges like domain fraud, bot traffic, lack of transparency and long payment models, due to the issue like incentives are not affiliated. Because of this the promoters and publishers feel they are dropping the deal. Blockchain has provided a solution to carry transparency to the supply chain as it fetches trust in a trustless environment. Blockchain allows right companies to succeed, by decreasing the number of bad players in the supply chain. Publishers can also gather a vast percentage of the total advertisement dollars arriving the ecosystem. The Blockchain technology is still in its beginning; however, this technology should stay here, and all advertisement companies are observing that how blockchain will help to enhance their business.
2. Blockchain in Cyber Security: Though the blockchain is a public ledger, the data is verified and encrypted using innovative cryptography technology. In this manner, the information or data is less likely to be attacked or altered without authorization.
3. Blockchain will remove the requirement of the third party: With the help of Blockchain technology, basically, it is possible to impact a varied range of processes and techniques. It eliminates the need of trusted third party in the transactions. Well most prominent organizations in the world exist today to function as a trusted third party, for instance, SWIFT, and the Depository Trust Cleaning Company.Corporate chances flourish for companies that can build applied Blockchain technologies aiming for particular transactions, like the mortgage industry. The existing mortgages needed a complicated web of title searches, title insurance, and uncountable minor transaction fees which are required to keep the system running. These systems occur because traditionally, the transfer of land has been a process which requires a significant amount of belief in the old records. The Blockchain technology was going to address all these concerns, and a particular property’s ledger consists of a verifiable and validated transactions history, lowering the necessity of institutions to provide risk modification and trust services.
4. Governments will provide their digital currencies: It is confirmed that the paper money at its last phase, but it is also found that the authorized currency is facing a severe competition by cryptocurrencies. In 2017, it is observed that the price of Bitcoin has flown which was never seen by any single service or money all around the world. The currency is still one of the most appreciated properties available in the market, and the nation took notice, due to the price of Bitcoin is denied by the basic idea of demand and supply. The need for Bitcoin will again climb at some point, with a fixed limit of twenty-one million units of Bitcoin. Because of this, a few governments will get a chance to create their digital currencies to avoid dropping face to an independent and unregulated property and participate in an open market.
5. Blockchain beyond the world of computing: In 2017, the world had seen the infinite collection of options in the use of blockchain technology. Currently, most of the countries are developing their blockchain strategies to hold the future. Also, it is highly possible that the rest of the advanced European countries will follow suit by accepting the blockchain technology to create a constant financial environment that helps nations on ruins like Greece and Spain. There are specific problems associated with the security of finances, and Blockchain will be used to address these kinds of issues. Blockchain will also be used to generate registries which are used for medical purposes, to manage insurance policies, and to interrupt the model of useless data storage.
6. Managing World trade with the help of Blockchain Technology: Blockchain is valuable to business particularly how it makes easy for anybody to track the supply chain of everything provided using the technology. It will be outdated to track the numbers, and no company wants to lose a shipment because of human inability. Well, it is easy to register a cargo shipments in the Blockchain, this enables the parties involved in the job operation to follow the delivery procedure from point A to B. With the help of Blockchain technology, it is easy for the custom agents to track down the forbidden products like fake medicines, changed food products, false clothes reproduction, fake auto parts, electronic apparatus and other piracy agents which are trying to provide the low-quality goods inside any country without talking about the internal laws.
7. Supply chain Management: With the help of blockchain technology, it is possible to document the transaction in an everlasting distributed record, and supervise the transactions more sturdily and transparently. This also helps to minimize human errors and time delays. It is also used monitor costs, employment, and releases at each point of the supply chain. But this has severe effect for understanding and monitoring the actual ecological impacts of products. Not only this the decentralized ledger can also be utilized to check the legitimacy or fair trade status of products by following them form their source.
8. The Blockchain in Forecasting: The blockchain technology is set to alter the complete methodology for research, consulting, analysis and forecasting. The global distributed prediction markets are created with the help of online platforms.
9. Use of Blockchain in the Internet of Things and Networking: Different companies like Samsung and IBM are utilizing the blockchain technology for a new concept called ADEPT, this will help to create a distributed network of IoT devices. The blockchain technology will remove the requirement for a central location to manage the communication between them; this will function as a public ledger for a massive number of devices. The devices may communicate with each other to upgrade the software, handle the errors and observe energy practice.
10. Blockchain in cloud storage: The data on a centralized server is exposed to hacking, loss of data, or human error. With the help of blockchain technology, it is possible to make the cloud storage more protected and robust against hacking.