Is Blockchain technology truly designed for the future?
By: Sophia Casey
Tags: Blockchain, Blockchain Development, Blockchain Course Online, Blockchain Technology

Technology is always futuristic; it undergoes a lot of change and developments, which improves its bottlenecks and enhances its effectiveness. All the technologies that have been developed so far like AI, ML, Big data, and Blockchain are undergoing transformation and changes. The objective is to make them future-ready. Technology is highly dynamic in nature, and it tends to undergo an up-gradation, to make it infallible. So, this brings us to talk about Blockchain, which developed a decade back, and in this tenue, it managed to become an integral part of most of the industries. Despite the apprehensions surrounding its longevity and durability, Blockchain survived all the odds, and now most of the big names in the industry are eyeing Blockchain to be a panacea for the bottlenecks that they are facing for the conventional technological blockchain platform that it is relying on.

Why Blockchain?

To understand the growth and proliferation of Blockchain in the future, we need to assess this technology and its key features. It is these features that define the longevity of Blockchain. The latter is the distributed ledger technology that first got noticed in 2009 with Bitcoin. Although its initial use was limited to Bitcoin exchange, Blockchain’s multitude features made it useful for almost all the business verticals.

Some of the key problems that Blockchain addresses are:

1. Lack of transparency

2. Tracking of information

3. Authenticity of information

4. Data security

5. Over interference of intermediaries

If you have a closer look at the features of Blockchain technology, then you will find all the features of Blockchain are a solution to the above-mentioned issues. Let’s elaborate a bit more on this:

1. Transparent business operations- Blockchain creates a transparent system which is easily accessible to the people in the network. They can easily see all the information and access it as and when required. So, transparency becomes a key feature of Blockchain that makes it an inevitable technology of the future for most of the businesses who are aiming to gain the trust of the customers by offering them a transparent system of operations.

2. No third party intervention- Another notable feature of Blockchain is that it works on peer-to-peer networking. It means that there is no third-party intervention. With this, it becomes easier for both the parties to directly interact with each other and execute a transaction of business operations. Not only it saves time, but also the cost of transaction and processing fee.

3. Time-stamping of data- Every information that finds an entry in the DLT is free from error. Time-stamping of data ensures that you can easily track the information as required. Moreover, any change in the blocks of data will impact the data, and it will become easily visible to the user. Hence, the authenticity of the data is assured with Blockchain.

4. Data security- The most important threat that every business owner is facing nowadays is data security. Since every information in the digital world is open and vulnerable, it becomes easier for hackers to access this information, but with Blockchain, this probability reduces. Since every information is encrypted cryptographically, and no one can access it without permission, the problem of data breach reduces.

All these features are not only important today, but for tomorrow as well. Companies would be emphasizing on ensuring a transparent system of work to gain customer’s trust and more brand loyalty. With Blockchain, this task becomes easier. So, Blockchain surely becomes a technology of the future.

What’s next?

Besides, its business propositions, Blockchain also provides a good career opportunity for those who want to grow professionally. Blockchain Council is offering the best online blockchain course, which is going to help you master this technology. Connect with Blockchain Council to know more about the certification program, and enrol for the best program today.