“What Google is to Internet, Bitcoin is to Blockchain?”
Since the 1990’s the grounds of internet have changed from “Internet of Information” to “Internet of value”. It does sounds revolutionary that Blockchain has truly brought everyone to their highest degree of accountability. Now, there are no more human errors, no missed transactions or any transaction which was done without taking the consent of the parties involved.
Blockchain is often known as “bitcoin technology” and is quoted alongside with bitcoins and other crypto currencies. But the grasp of Blockchain extends beyond the realm of e-money. Bitcoin is just like a digitized version of any asset. Besides, any asset that holds a value can be converted into digital cash or Bitcoin.
The empire of Blockchain is growing exponentially and is disrupting the complete globe with its exceptional powers. Want to know how? Let’s dive a bit deep.
What is Blockchain Technology?
Distributed ledger technologies or the Blockchain disrupt the traditional storing mechanisms of data which were biased due to centralization. Blockchains offer a new way of moving and storing the data in a decentralized way which lives in a state of consensus and periodically self-checks itself for every transaction that has happened during that interval.
Instead of storing information at one single node, Blockchains atomize the information and spread them over all the nodes which are connected in the network. Everything is locked perfectly with powerful cryptographic algorithms and hashing techniques.
But what’s wrong with the way we store information now?
To explain this, I share with you a simple example.
Suppose, your boss asks you to make certain changes in the word file and submit a revised copy. You cannot start the work until you receive the return copy as you cannot edit it till your boss is working over it. This is the traditional way that you both are the owners to that file but cannot edit simultaneously. Now, the answer to this problem came up with Google Docs. Google Docs acts like a shared ledger which means one handy version of the file is always available to both the parties… SO, that saves time and effort.
Similarly, before committing any transactions, banks lock the access then make a transfer and update the account balance. The complete process is time consuming and becomes risky if involving a lot many transactions in a single day.
Moreover, Security is the biggest concern which needs to be addressed effectively in case of traditional methodologies. Tune into news-channel, there are thousands of data breaches happening around the world.
What is the consequence of all that? We as the users are left under the state of vulnerability to fraud and identity theft. Blockchain cannot stop the hackers, but certainly reduce the genuine hacking attempts up-to 99% which are zero in case of traditional approaches.
Why should I go for Blockchain Development?
Blockchains rule out the need for any central authority governing the transactions. All the people over the network can perform the transactions directly with each other. It certainly adds the desired trust and reliability towards the network.
As anyone over the network can look into the transactions but even a single attempt to alter any entry gets noticed immediately.
- Incorruptible and immutable
All the transactions made over Blockchain is incorruptible and immutable, means they cannot be altered back.
- High quality data
all the data over Blockchain is consistent, secure, accurate and widely available to every user in the network.
- Empowered users
the users have full control and authority over all their data, information as well as transactions.
- Faster transactions
Blockchain transactions take just a couple of minutes to process whereas Interbank Transactions take days to complete.
- Lower transaction costs
Due to disintermediation; all the overhead cost incurred from the third parties is snapped. This significantly reduced the transaction cost.
Industries revolutionized by Blockchain Development Technology
The benefits offered by Blockchain, besides the colossal demand of Cryptocurrencies, are gianomous enough to sustain their relevance for the generations to come. Have a look at some industries which are already aboard!!!
All Blockchain solutions:
- Supply chain Management: The user can easily track and monitor the movement of goods, quantity, logistics involved, payments, ownership etc providing a new level of transparency altogether.
- Quality Assurance: Any abnormality in the processes chain, Blockchain will help detecting the root cause or the point of origin of the problem.
- Accounting: Rules out possibilities of data breach, tampering and human errors. Accuracy of records guaranteed with highly traceable auditable trail.
- Smart Contracts: Digital contracts and agreements which are automatically validated, digitally signed as well enforced using Blockchains. No intermediates required now.
- Voting: Taking Blockchains into voting, rules out the electoral fraud which almost all the jurisdictions are facing.
- Stock Exchange: The Australian Stock Exchange is all set to move over a fully secure Blockchain powered exchange. This indeed is a big leap for Blockchains in industrial sector.
- Global transactions: Blockchains provide a supersonic fast, secure and economical approach for transfer of funds across the globe.
The Blockchain solutions listed above are just a tip of an iceberg; the complete iceberg is yet to be explored!!!
Looking for a reliable Blockchain solution partner?
RevInfotech is a leading Blockchain development company in India providing the most secure, robust and advanced Blockchain development services. The Technical and Management team comprises of the finest brains working round the clock to provide an affirmative and holistic user experience.
The Blockchain developers are well proficient in handling all aspects of Blockchain development such as AI, ML, Data Analytics, smart contracts, IOT etc. Hire RevInfotech’s Blockchain developer for developing a smart Blockchain application, crowdsale Event, tokens or cryptocurrency development, Ethereum, smart contracts, ICO, bitcoin applications etc. Send us your queries at firstname.lastname@example.org or contact us here.
Thanks for reading..!!