Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
While cryptocurrencies worldwide are taking a dip, Blockchain still remains one of the most talked about technology of the era. In fact, businesses worldwide are leveraging Blockchain development services now than when the cryptocurrency was at its peak, proving yet again that an intelligent investor sees opportunity in dip than risk.
That being said, the future of Blockchain still holds some uncertainty, and in this post, we have attempted to clear most of them. But before discussing the future, let's brush up on our knowledge of the presence of the tech.
Blockchain: An Overview
A Blockchain is a decentralized ledger of records that are hard to manipulate, change, or create fraudulent activity. The technology validates each record entry manually by the members of the decentralized system and technically through cryptography to ensure that every entry made is authentic and consensus-approved. Through a mechanism called hashing, Blockchain also achieves immutability, an essential feature that makes it far more robust and secure than any transactional or storage-based database.
So, when a user makes a valid entry in a blockchain system, hashing converts it into an encrypted checksum, which then gets stored in a 'block.' This block's metadata and the new entry are used to create a checksum for the next block. That mechanism gets repeated with each entry in the system, creating a chain-like structure. That eventually forms Blockchain! This encrypted hashing and linking of blocks make Blockchain completely tamper-proof and highly reliable.
The Present of the Blockchain
Blockchain development services are a robust trend utilized by businesses across various industry verticals. By making transactions and data transfer more secure, transparent, traceable, and overall trustworthy, Blockchain is expediting digitalization in sectors like security and healthcare that require more sophistication than the others.
Here are some of the widely popular ways different industries use Blockchain.
Retail and Supply Chain
Trust has remained a major issue among trading partners due to the lack of end-to-end visibility. Transactional data has notoriously been easily-exploitable, making overhead processes like audits necessary. Even after audits, there was no complete guarantee of the authenticity of data and quality of the produces.
However, adopting Blockchain development services became a turning point for the retailers. Brands, including Nestle, Walmart, Alibaba, Amazon, etc., are using Blockchain in their enterprise solutions and custom mobile apps to improve transparency throughout their supply chain and ensure the quality of their products.
That has helped these companies reduce waste, achieve cost savings by removing mediators, and improve customer trust with immutable data around the consumable products and the touchpoints they have been through.
The industry that needed digitalization the most and yet had the most challenges seemed to benefit the most from adopting Blockchain. Security around patient data and easy shareability of the same has remained a major dilemma for healthcare organizations and their tech partner. But, thanks to Blockchain, they now have better control over their data.
They can now easily decide who can access the data and make changes to them by creating different private and public blockchains. The immutable nature of the system ensures that the data remains tamper-proof. And the automated data encryption ensures that only the authorized users can get relevant information no matter which medium and channel the information gets sent.
That's why more and more people investing in healthcare software development today want Blockchain in their custom solutions and apps.
Banking, non-banking, and insurance organizations heavily invest and get lucrative returns through Blockchain. They are eliminating the massive amount of paperwork, removing operational delays, and optimizing global transactions through the technology.
The secure mechanism, aka smart contracts, in Blockchain, enables finance businesses to process huge transactions without arbitrators, making settlements and transfer clearings efficient. Similarly, underwriting and claims settlement can also be automated for insurance organizations, with reduced instances of fraud and abuse by adopting Blockchain development services.
Futuristic Blockchain Applications and Promising Use Cases
Consensus is quickly arising to make Blockchain 'the' technology for the web 3.0 disruption. From DApps to NFTs, Blockchain has a lot of untapped potentials to make a fortune for the right investors. As mentioned above, Blockchain is already disrupting multiple industries across the globe; but it's yet too new to realize its full potential.
Many industries, including legal, telecommunications, and governance, are yet to invest significantly in the technology, despite absolutely promising use cases.
Blockchain and Communications
"Blockchain will be ten times more disruptive to the Telecommunication than mobile phones" - Csaba Gabor-B.
Telecommunications has always remained at the forefront of major technological disruptions, and Blockchain here will not be an exception. Even though the present investment in Blockchain by the telecom industry is merely a couple of tens of millions right now, it has the greatest CAGR of all for the coming decade, 84.4%, to be exact!
As such, investing in telecom-based blockchain applications is deemed the best investment strategy. Some of the most promising use cases are decentralized economy for a more profitable infra cost sharing and improved ROI, quicker implementation of mobile number portability, fraud prevention in roaming and identity management, and smart contracts for billing and micropayments.
Blockchain in IoT
The other area where Blockchain seems to have a promising future involves another highly lucrative and futuristic technology IoT. A distributed network of IoT devices is a marvelous idea for the futuristic smart infrastructure that is inherently more secure and transparent. No wonder companies such as IBM and Samsung actively hire IoT developers with the knowledge of Blockchain to create smart and secure devices.
The major difference between a traditional IoT solution and one based on Blockchain is eliminating a centralized location where all the communications between the devices are managed. In a way, Blockchain will enable a real peer-to-peer connection between these smart devices making processes like error handling, software upgrades, and preference setting more efficient.
Real Estate and Blockchain
So far, real estate has remained the least technologically disrupted sector for the right reasons. Most real estate transactions are huge and involve numerous paperwork; management of either has yet not been made efficient by reliable technology. But this is the talk of the past. By adopting Blockchain development services, the industry has transformed a lot.
With Blockchain-based enterprise solutions in the picture, huge transactions and authentic paperwork can be handled more transparent, time-saving, and secure than ever before. Through tokenization, finding and selling properties can be simplified by removing the roles of mediators and arbitrators.
In fact, the process would be only a little different than the already present and widely popular application of Blockchain – NFT exchanges. Through smart contracts, the properties can be leased, sold, rented, and even fractionalized in a drastically more secure, reliable, and transparent manner.
Blockchain and Future of Law
The most exciting of all the future use cases of Blockchain resides in the legal industry. Even slower to adapt to the technological innovations than the real estate industry, law firms have yet only been using technology for primitive purposes. But that is going to change shortly. The most promising application of Blockchain – smart contracts- holds massive potential for the legal industry, and companies like AIG have already gotten the hang of it. They're using it to implement more complex but essential insurance policies.
Similarly, multiple states in the US have also started using smart contracts in permitted contexts. The transparency of Blockchain, its immutability, and its decentralized nature make it the perfect solution for its automation bottlenecks. That will eventually make the legal system more efficient and reliable, making the lives of everyone involved easier.
When it comes to investing in the future of Blockchain and the uncertainty around it, Nasdaq Chief Executive - Bob Greifeld said, "Blockchain is the biggest opportunity set we can think of over the next decade or so." hit the bullseye!
People with a pessimist viewpoint around technology mostly do not understand technology fully. Sure, the uncalled hype around cryptocurrency from uninformed investors has created a tech-bubble image for the technology, but that's only true for the people who are not in the know. Anyone who understands Blockchain and its marvelous mechanism knows it is the internet's and related services' future.
Hence, you must invest in Blockchain development services to drive your organization's innovation, security, and profitability. You can connect with a reliable Blockchain development company to learn more about your business-specific Blockchain solutions.
Rebecca Williams is a technical content writer at Matellio working for the past 3+ years. A writer by day and a reader by night, Rebecca has a strong passion to write about the latest market trends, technologies, apps, and digital marketing. She is also interested in discussing topics including space and science.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.