USE OF BLOCKCHAIN TECHNOLOGY AND ITS FUTURE

The world is getting more and more advanced, so are the means of transferring and storing information and also digital transactions. Blockchain is the latest trend in the tech market. Blockchain is changing the way we transfer and store information across different networks and also the way we make transactions. Let's get a basic concept of what Blockchain is all about, Blockchain is a new technology that stores all the information in the form of a ledger, and after that the information is duplicated and spread across different nodes that are available on the blockchain network. Different blocks are linked with each other making a chain of blocks that’s why it is known as Blockchain.

Blockchain stores the information in decentralized networks, when information is transferred it is stored on different nodes in the network. Blockchain provides data in a high-quality format, it empowers its users because individuals have control over their data, Moreover, the speed of blockchain is very fast because the information is stored across different stations and blockchain also reduces the cost for organizations to store data. So, accessibility becomes very fast and easy. Blockchain is very safe and secure because it uses decentralized networks making it impossible to hack the system that’s why most firms prefer blockchain these days to store their data.

Let's dive into what it holds for the future. The future of blockchain technology is very vast. Cryptocurrencies are the future, everyone knows that. Most of the crypto coins are powered by Blockchain to store information about the transaction in the ledger and also to enhance the security. Bitcoin, Ethereum, and Dogecoin all use blockchain technology to record online transactions and protect them. The market of cryptocurrency is worth more than $3 trillion and it keeps on increasing day by day and all of these coins are based on the blockchain so we know that it isn’t going anywhere.

 

In the future blockchain will most probably replace the banks as it is a decentralized network providing more security, transparency and low fees than banks.

At the moment some companies are offering crypto payments for which crypto coins are used, these coins are stored in wallets and they are all powered by blockchains. The security features are really good on these wallets to protect it from any theft. Companies like Microsoft, KFC, Starbucks are already accepting crypto payments and all of these are backed by blockchain technology.

Most people are only aware of blockchain because of cryptocurrencies. While the reality is that it is not only for powering crypto rather it is also used for storing identity information. Take it as a database, it can store any type of information like storing students records of a university, employees working in a firm, or keeping the medical records of a hospital. The use of blockchain in supply chain is very beneficial for any firm, through this technology the products can be delivered efficiently saving the time as well as cost for the company. It can be used to connect with the supplier, check the inventory and trace all the records and deliveries.

Blockchain technology can also be used for voting during the elections. The machines used for electronic voting are very insecure and can be hacked and modified easily. Blockchain is a very good technology to be used for casting the votes. The frauds and interference from outside can be reduced by using this technology.

 

Most of the top-notch firms are already using these technologies and some are trying to get into these because of their security, speed, efficiency and convenience. Amazon, Microsoft, PayPal are already using this technology for their operations.

 

Let's take a glance at how Amazon is managing its operations with blockchain. Amazon is using a blockchain system to keep a record of their widely spread supply chain. Blockchain provides a full track and traces record for its production with high-quality data, security, and efficiency. From Suppliers to end consumers everything is stored on blocks so accessing the information and keeping the record becomes easy and secure.

 

Blockchain is a very vast field, more and more companies are adopting and implementing this technology as time passes. It is getting more and more advanced according to the needs of the market and it is becoming compulsory for the big industries to implement this system in keeping their record. We will see more technological advances in blockchain in the near future. Looking forward to what it brings for us in the near future.