Blockchain is considered a highly efficient platform to record and share transactions & information. The technology is transparent and decentralizes the power of convent financial transactions. It is highly significant for SCM, buying & selling of real estate, and simple processing of interbank transactions.

Blockchain is having a huge impact on regular activities and thus changing the world significantly. It is possible to take advantage of information technology in today’s world without the need to get into technical aspects of its work. It is considered as the list of transactions executed in a particular domain and they are connected in linear, chronological ‘’chains’ or ‘blocks’. There is no middleman controlling the access of information and new transactions can be added with consensus. It is a fast-moving technology ensuring suitable changes in human lives.

One of the best uses of blockchain technology is meant for digital currencies like Bitcoin. There are multiple ways to create new currencies and are meant for a specific aim. Such kinds of transactions are able to create cost-effective & secured public records that can be used for non-financial tasks. The technology is providing opportunities to different kinds of public services and thus businesses are able to run without human touch. It is shifting control over daily interactions from central control and redistributes it among users. The guest highlights points as to how Blockchain benefits is changing human lives.

Table of Contents

• Features of Blockchain Technology
• Immutability
• Decentralizing of Storage
• International Money Transfer
• Digital Rights Management
• Sharing of Medical Data
• Beyond a Registry
• Decentralization of Trust
• The Bottom Line!

Blockchain is one of the hottest topics right now and it is changing the rules of the game for your business! It can also be referred to as the ledger for storing records & easily shared across different locations. Such records include all kinds of information, like monetary transactions, waiting list appointments, contracts made between companies, & the purchase of papers. This kind of technology is also known as DLT (Distributed Ledger Technologies) and it makes Bitcoin possible.

Blockchain is referred to as the paradigm shift and it is a way to understand the social relationships in the globalized world. Are you able to imagine a transport service without a centralized entity? Are you able to imagine a platform for buying properties where demand & supply is connecting directly? This is going to change the world and Blockchain is playing its part in it! Get a decentralized property control with blockchain and the existence of goods are registered in the network at the time of creation.

• Features of Blockchain Technology

Blockchain technology is here for over a decade and slowly its full potential is being recognized. It has often taken a back seat due to other attention-grabbing developments, but the time has arrived for using the technology in the right way. Make secured digital transactions with the help of blockchain. New developments like smart contracts are assisting in the expansion of the scope of the technology and thus opening it up to a range of different industries. Hundreds of businesses today are integrating the technology in their daily lives for simple automating of the processes transparently.

• Immutability

Blockchain is preventing any kind of fraud or manipulation as the blocks cannot be changed. A new block can be agreed upon and written on all the nodes to assist in fraud prevention. The feature is also enhancing the transparency of transactions as the visibility levels depend on the network type. Anyone with the necessary permissions is able to collect queries related to transaction history and perform the required audit.

• Decentralizing of Storage

The blockchain is kept with all the registries and the businesses don’t need to depend on the data policies of a third party. The Internet has revolutionized the methods of doing business and the data is accessible from any location. But, still, businesses need to depend on a third-party storage provider to store data & made it available through varied channels. The data gets distributed in Blockchain technology and the network itself guarantees availability.

• International Money Transfer

The invention of blockchain technology is meant to facilitate the easy storage & transfer of money without requiring any third-party assistance. It remains one of the key ways in which technology is changing human lives. Businesses are able to work internationally without the fear of delay in payments or any kind of money transfer trouble. At present, it’s impossible to send money internationally without a bank or third-party service provider.

The blockchain transactions are secured and it is provided through a network of distributed computers with nil central authority. But, in the coming years, the banking sector is going to collaborate with the banking sector, thus reducing the overhead costs.

• Digital Rights Management

The entertainment industry is at war against internet pirates who are easily distributing copyrighted material. Digital rights are one of the top concerns for the industry & platforms like Spotify is addressing the issue with little profit. Blockchain technology is providing the opportunity to work independently in a secured way that is incorruptible & traceable. Artists in the industry are able to make their work available with blockchain-powered smart contracts & get paid easily with help of a third-party mediator. The technology is also providing a way to trade the digital properties & ensure no default with the arrangement.

• Sharing of Medical Data

Get easy access to medical records while on an international tour. It could become the point of difference between life & death. The medical data can be shared easily on a public network and they are highly sensitive in nature. Doctors are able to access medical data instantly from any location in the world. A US blockchain firm has developed a network for the healthcare industry and thus securing the distribution of medical data.

• Beyond a Registry

If you’re wondering if blockchain is just a registry, then you must know that there is more to it. The technology is allowing the easy execution of intelligent contracts automatically, as the conditions apply. The contracts are working as a program and are being able to interact with the details therein. Blockchain technology is working as the catalyst for business processes and it requires less manual intervention. The restrictions are eliminated with the help of blockchain and allow groups to self-regulate themselves around a specific goal.

• Decentralization of Trust

The world we know & understand often functions completely different! Centralization of trust can prove to be fatal at times and decentralization of trust is one of the top characteristics of the technology. People delegate their trust to third-party service providers as they ensure efficiency & scalability.  Blockchain technology is instilling the trust of individuals within the network, and not on centralized governing systems & control over the data.

• The Bottom Line!

There are immense future possibilities with Blockchain and it affects all areas of your business. It is regarded as the technology of the future and not something as ‘science friction’. The technology will be bringing changes in international money transfers or digital transfers in quick time. Blockchain has come a long way in the last decade, but the transformative powers of the technology have only been recognized now. Businesses are likely to witness major changes in the financial world and spur upon the availability of decentralized networks. Technology is a thing for the future and it will bring about positive changes in making transactions secure worldwide.

Author Bio:

Alice Bell is a passionate content writer in Sagenext, having knowledge in areas including the latest technology, Cloud Computing, Accounting technology and QuickBooks Hosting. She dreams of someday living somewhere warm and typesetting a novel. Most of the time she spend on laptop and learning new things.