Artificial intelligence has been in the business for a long time. But, the inclusion of high-tech and highly secure formats for record-keeping and online trading like cryptocurrency and blockchain has taken the world by a gasp.
Invented in 2008, blockchain is a shared ledger that basically solves the double-spending problem and records transactions between two parties in an efficient, verifiable and permanent way.In case you are having any problem in accessing your wallet then you can freely contact the Blockchain Customer Support Number.
How does Blockchain work and what makes it more Secure?
If we talk about security, I would give blockchain a top spot since its working involves peer-to-peer networking that adheres to a protocol for validating a new block and internode communication.
What is this protocol?
Once data is recorded, it cannot be altered without altering all the connected and subsequent blocks that require majority network consensus.
Isn’t it interesting?
Let me tell you more about the blocks first.
Blocks, like the name suggests, are like molecules that come together to form a bigger object. Blocks hold the records of valid transactions that are then encoded into a Merkle tree (a labeled format of data storage in the language of computing).
Block-chain is the linkage of each such block that contains the cryptographic hash of the previous block. This repetitive process confirms the authenticity of the previous block, all the way back to the original source block.
The Versatility of Blockchain:
The original usage of blockchain was confined to the record-keeping of cryptocurrencies. But, with the passing time, the usage has expanded to several other industries like, healthcare, education, security, banking, etc.
As of the latest reports, even social media platforms like Facebook are proposing and promoting the idea of synthetic units like Libra (a blockchain digital currency) to replace the greenback for facilitating payments.
A lot of cryptocurrencies, most notably Bitcoin, use blockchain technology to record transactions. Even Ethereum has its functioning completely based on the blockchain network.
- Financial Services
According to a report dated September ‘16, some of the major portions of the financial industry are implementing an open ledger framework. And the progress is happening much faster than expected.
What makes banks interested in this technology is its potential to speed up back-office settlement systems.
Many pieces of research to explore the blockchain technology into increasing the efficiency of financial services and reducing their costs are happening across the borders.
Did you know?
The blockchain has also given rise to a new category of digital asset known as Security Token Offerings (STOs/DSOs) and Initial Coin Offerings (ICOs).
STO/DSOs are regulated stock exchanges that may be conducted privately or publicly and tokenize traditional assets like real estate, company shares intellectual property or individual products.
Currently, a large number of companies are actively providing services for public STOs, private STOs, and compliant tokenization.
- Supply Chain
A number of industry organizations are working to employ blockchains in supply chain management and logistics. Some of the most prominent examples being:
- Everledger has created a blockchain-based tracking service.
- Transport Alliance (BiTA) utilizes the blockchain to develop open standards for supply chains.
- Hyperledger Grid develops open components for blockchain supply chain solutions.
- IBM and Walmart are also running a trial to use a blockchain-based system for supply chain monitoring where all nodes of the blockchain are located on the IBM cloud while being administered by Walmart.
- Video Games
Making its way to the headlines in November ‘17, Cryptokitties was a video game that did a business of millions in the US.
Cryptokitties also determined how blockchains can be used to classify game assets.
Specific token standards have been brought into existence for the support and use of blockchain in gaming.
- Blockchain Identity
Do you know? A digital passport named Github was launched back in 2014. The passport used a picture and stamped it with an encoded public and private key to prove its legitimacy. It was then stored on the ledger that was given a Bitcoin address with a public IP, and confirmed by Blockchain users.
Blockchain ID is a digital ID that’s engineered to replace all forms of physical identification like a driver’s license, social security ID, cards, etc.
As per the reports, Fintech scientists say that one will be able to use a singular digital ID for signing up at any registrar in the future.
Exciting. Isn’t it?
Well, we can assure you that as vast as the range of blockchain’s utility sounds, it is much more extensive.
Will Blockchain Enjoy a Better Reputation?
2019 witnessed high-scale research and development in the Blockchain department. With the strong belief of high potential in the concept of Blockchain, a lot of tech-enthusiasts and experts displayed their keenness in various projects.
Co-Founder and CEO of Lisk, Max Kordek, believed that 2019 will be a start to the infinite glory of Blockchain. He also argued that ‘Blockchain is a progressive technology that will grow over the years’.
In the first few months of 2019 itself, several major companies signed off new partnerships with blockchain startups like ING Bank and R3. Many others invested in blockchain projects like Symbiont and Nasdaq and various new consortium partnerships, like R3 and Wall Street Blockchain Alliance, emerged.
What 2020 has in Store for Blockchain?
- Finance and Economy will Lead the Blockchain Application
After radical transformation gave out successful results for cryptocurrency, financial institutions began considering blockchain adoption seriously for traditional banking operations.
According to a recent PWC report, more than 77 percent of financial institutions are expected to adopt blockchain technology by process or as a part of an in-production system by 2020.
Besides that, the Australian Securities Exchange is also planning to use a brand new blockchain-based system by the end of 2020, to manage the Australian financial market.
- Blockchain Integration into Government Agencies
The idea of a centralized ledger system seems catchy to the government too since it would bring an end to all their finding and sharing problems since different departments need to stay in contact at all times.
In the light of this, Estonia has already initiated and implemented blockchain technology on the government level.
Almost all the public services in Estonia have access to a decentralized digital ledger named X-Road, that contains information about all the residents and citizens.
According to Gartner, an approx of a billion people will have some data about them stored on a blockchain, by 2022.
Is there any Money to be Made through Blockchain?
The answer is a hundred times YES!
With an inevitable spring on the horizon, all the IT leaders must prepare themselves for enabling core technologies and welcoming significant growth opportunities for digital business.
By 2023, the tracking and movement of more than $2 trillion of goods and services will be supported by Blockchain annually.
Hope this cleared all your doubts. For more information, details, and queries, you can reach our Blockchain Support Phone Number anytime.