The hype or hope of the blockchain in recent times is of major concern to the public. The price continues to be of significant interest to investors. The digital currency increased by over 1500percent in 2017. Little wonder front-page news gives bitcoin updates. Sometimes, it offers these investors despondency. At other times, it leaves them gleeful.
The blockchain was set up as a network to oversee cryptocurrency deals. With blockchain, third-party guarantors are needless for transactions. This innovation proved exciting for tech-insiders. It was a major landmark.
In 2013, the idea spread that cryptocurrency was a small part of blockchain’s use. The use of other industries translates to the needlessness of a third-party guarantor. The aim of this is to ensure security, efficiency, and transparency.
This innovation welcomed the incoming of new blockchains. Ethereum was one of these new blockchains. It grew to be one of the profoundly dominating blockchains.
The question the whole technology faces from the public is whether substance exists beyond the blockchain hype.
The technology is too slow for a large scale use. Ethereum only works on 15 transactions for every one second. It leaves many wondering how a blockchain is better than a centralized tamper-proof digital ledger.
Many belong to a school of thought that believes this is another stage in technological advancement. Others have limited the use of the blockchain to cryptocurrency and the illegal transactions associated. These speculations do not debunk the fact that some are optimistic about the technology.
The statistics only confirms the fact that the technology is just gearing up towards a stage of acceptance. Acceptance is a stage that whose achievement is promising in the second or third generation. The only difference here is the cryptocurrency hype.
The view of many is narrow about what blockchain can achieve in different industries. As technology currently stands, there are industries associated with the most substantial use of blockchain.
Here Is a Couple of them:
Many governmental administrations in small nations are on the verge of using the blockchain instead of national currency.
There are several advantages concerned with the use of blockchain in the financial industry. It helps to reduce fraud and increase transparency. It eliminates the problem of trust in finance. The technology also cuts down costs of infrastructure. With its use, an improvement in settlement and execution time will also result.
Imagine a situation where clinical and financial stakeholders link a patients’ record. The blockchain can also revoke people’s access from a healthcare record. The technology encrypts and protects your information. It also anchors your information.
Manufacturing and Retail
The technology proves excellent for stronger security, snappy platforms for deals and digital currencies. It offers the industry a better supply chain management. Suppliers, distributors and retailers alike gain permission and access to relevant information.
With the use of blockchain, transparency would set in as regards the use of funds. Fraud becomes traceable in government as well. Asset tracking becomes comfortable with the blockchain technology. These abilities would forge truthfulness and accuracy in government.
To Wrap It Up
Blockchain technology proved highly efficient in voting processes and music as well. The hope blockchain gives does not make it the right choice for every industry. If your business requires an application penetrated by only the company, blockchain is useless for you. If you need to change blockchain’s strength to fit your business, then stop and check it. You may have a better option around the corner.
Written by Demi Oye