10 Reasons Why Blockchain Technology Is the Future
As it’s commonly known that Blockchain is a digital ledger where in the transactions are distributed and replicated within its network. Due to its strong network of encryptions transactions through blockchain, the network remains secure and efficient. In brief, Blockchain technology is private, secure, robust and trustworthy.
So would it be correct to say that blockchain holds the key to the future?
The answer would be an absolute yes.
To support this claim, here are the ten reasons why blockchain technology is the future:
1- Structured blockchain design increases collaboration and efficiency — Blockchain technology creates a secure network for business transactions. Due to its efficient and organised system design, it’s easier for its user to collaborate, view each other’s activity and work in consensus.
2- Ensuring cybersecurity through data security and immutability — It is difficult for hackers to breach security due to the decentralised structure of the blockchain network. Each data is encrypted and cannot be changed; additionally, its time-stamped makes it easily traceable.
3- A decentralised network removes intermediaries and reduces cost — As a decentralised structure, blockchain provides user control over their digital assets and no third party is required to do the job. Additionally, not having the presence of an intermediary reduces the costs and also keeps the data secure.
4- Blockchain technology enables secure digital transactions — The unchangeable encryptions provides a layer of security to the system. All the digital transactions through this system become smooth and are secure
5- Blockchain enables e-governance — Blockchain’s solid and diverse network structure allows activities such as digital payments, decision making through consensus, permission gateways more efficient.
6- Helps in building collaboration and trust — This technology makes a transparent profile of every user. Every change on the blockchain is accessible and makes it more authentic. Blockchain nodes play as a verifier of each ledger.
7- Increased growth potential in a dynamic market — in recent times, considerable research points out that many businesses would want to change their current system of records by adopting blockchain technology. It’s also an increased belief amongst companies that adoption of this technology would increase their market share.
8- Enables diverse implementation on various projects — The market demand for blockchain technology is increasing due to its unique properties. It can solve many businesses’ pressing problems. As a result, more and more industries, including government organisations, are adopting this technology for their projects.
9- Faster completion of financial transactions — This technology has enabled a free movement of digital currency. With its highly secure payment gateways, financial transactions have become paperlessly accessible across the globe.
10 — An efficient consensus mechanism — Every blockchain has a consensus algorithm that helps the network to make a valuable and accurate decision within its nodes.
Blockchain Community India (BCI) an open-source decentralized community help 11+ traditional business to utilize these unique advantages of blockchain technology and AI by promoting their projects. All businesses need to grow in terms of their efficiency, data security and customer trust, blockchain is an answer to all these essential aspects.