The world is leaping fast steps towards being the digital world. A lot of things have been possible with the digital revolution.
Artificial Intelligence and Machine Learning are revamping the world with its unbeatable and revolutionary solutions.
To add more to this digital revolution, blockchain came into the market and changed the digital game entirely!
Blockchain development has revamped how people transact online.
A lot of blockchain development companies are there in the market that is always trying to develop something different from the blockchain.
And to add more glory to the blockchain technology, Bitcoin is a gift of this blockchain technology. So, we know how important blockchain technology is.
But before knowing more about blockchain, let’s see what blockchain is exactly and how it affects our lives.
What is blockchain technology exactly?
Blockchain is simply a decentralized and distributed public ledger that keeps the track of every single transaction on the ledger, and those ledgers are available publicly.
The great thing about this technology is that every single transaction has a digital signature of the owner and hence the transaction is authenticated and trustable.
The blockchain network, as the name suggests, is made of a chain of blocks.
Every transaction is stored in the public database as a ‘Block’, and a chain consists of such transaction records, and this is called the Blockchain network.
The Bitcoin network is entirely based on this technology.
After knowing what blockchain technology is, now let’s see how blockchain has been useful for us during the past days, and how it will be more useful in the upcoming days.
There are a lot of services that are backed by blockchain technology that makes our lives better. Let’s explore such services that are powered by blockchain technology.
1. Blockchain as a service
A lot of startups and enterprises have adopted the blockchain as a service, to host their blockchain applications.
Blockchain as a service is a cloud-based service that enables the users to develop their digital products based on blockchain.
Amazon, the tech giant takes care of blockchain development services that make it easy for developers to create and maintain blockchain applications.
These blockchain applications can be smart contracts or other such applications powered by blockchain. Amazon QLDB is a service of blockchain that powers other blockchain applications.
And this system is an immutable, transparent ledger that provides a permanent record of transactions.
There is no question on the security of the blockchain technology, as it is considered as one of the most secure technologies.
The main reason behind it being so secure is that both parties, the payer and the receiver agree on a general agreement and that record is recorded on a public ledger permanently, so security-wise, the blockchain technology will be much better than the existing ones.
So, such days are close when everything will be powered by blockchain and everyone is accepting the blockchain currency.
3. Content streaming
Content streaming is getting more and more popular among youth, middle-aged, and even in the aged person.
Everyone is streaming their favorite movies and shows from the Internet. So, movie and media streaming is the future, which could be more powerful by the use of blockchain.
Currently, Netflix and Amazon Prime are major content providers, and they can upgrade to the blockchain technology and make their content streaming faster and more powerful by the use of blockchain.
Netflix, Prime, and Hulu by the use of blockchain technology can be much advanced at the technology level and make their content streaming faster.
So, there may be days when even content streaming is based on the blockchain technology, or other such API services backed.
Content streaming can achieve content independence, content conceptualization, and a lot more such things with blockchain technology.
4. Security token offerings
STOs or Security Token Offerings have almost replaced the Initial Coin Offerings, which made the online transactions much safer.
STOs are fully regulated and compliant which keeps the transaction safe from fraudsters.
Blockchain has achieved a huge success in the Security Token Offerings which just toughened the security and achieved the trust of customers as well as merchants.
So, these STOs can work with increased security while keeping the transaction cost down, which is the best thing about the Blockchain.
Results of blockchain
Using blockchain, the results might be very pleasing.
So, there will be more and more companies and startups using blockchain technology and serve us with qualities like these:
Blockchain Technology makes a permanent entry record of a transaction from both parties, and hence every transaction makes an entry on the public ledger.
So, your transactions become transparent, and no fraudster can illegally claim false claims. So, your digital assets are safe when you make a transaction using Blockchain Technology.
A permanent record can be very useful to record any financial transactions made. So, with blockchain-backed Bitcoin can make your every transaction secure. So, there will be increased transparency in financial transactions.
Blockchain provides increased effectiveness of work performed, so you can expect the right type of work delivered at the right time with the blockchain technology.
With blockchain technology, administrative tasks and other similar tasks can be done with super-ease and which will streamline and automate the process, which can bring the revolution in the industry.
So, increased work efficiency is quite effective with blockchain technology.
3. Reduced Costs
With blockchain, every transaction made costs far lesser than the conventional transactions. So, transactions records on the blockchain technology are more likely to increase over time.
Blockchain technology will eliminate third-party costs and administrative costs, so the transactions will be much cheaper financially as well as technically.
So, you will see more and more companies adopting the blockchain technology to transact online.
There could be the list going on and on of blockchain’s advantages over conventional technologies, but we will cover the most important topics here to know more about it and its advantages.
There are a lot of applications are there, which we don’t even know that it is powered by the blockchain. The most known application is the Bitcoin, due to its hype and its worth.
But, believe it, there are a lot of other applications that are powered by the blockchain technology, and we don’t know yet.
So, believe it or not, you can thank a lot of applications and technology that is powered by the potential superpower, blockchain!
There could be more reasons to choose blockchain, but due to the limited space, we are covering only a few of them, and the most important ones.
Maybe we will cover some other blockchain blogs the next time. Till then, Hail blockchain!
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Mahipalsinh Rana has more than fifteen years of experience in Enterprise software design and development. Currently, he CTO at Inexture Solutions LLP. He has been a Liferay Consultant for more than 10 years in the industry and holds a technical background for 15+ years. He is a co-author of Liferay Beginner’s Guide book. He likes to spend his free time reading corporate books and playing cricket.