Key advantages of blockchain technology
By: Sophia Casey
Tags: Blockchain Startup, Blockchain, Blockchain Technology, Blockchain Development, Blockchain Course

Blockchain is not in need of any introduction, in the recent years there has been no other technology that has managed to garner the attention of the investors, moguls in the business, startups and even employees alike. It has managed to capture the attention and interest of the people. It is primarily because this technology is growing at a breakneck pace. In fact, as per LinkedIn, Blockchain is one of the leading skills that was in great demand in 2019. This technology is expected to expand its market growth at a CAGR of 67.3% between 2016 and 2025. So, what makes Blockchain so popular, let’s explore this ahead in the blog.

Benefits of Blockchain technology:

1. A safe and secure system- Digital transformation has brought the world on one platform where they can interact virtually and perform exchange of data and money. However, this system is not completely infallible. In fact, the rising number of data breach cases has made us think about whether we should actually trust the conventional platforms. To elude all this, we have Blockchain technology that helps in overcoming the hurdles of the virtual platforms. Blockchain provides a DLT platform where all the data is time-stamped and encrypted cryptographically, which ensures that the data is safe.

2. Decentralization- The conventional system is is a centralized one, it means that any failure at the central server may disrupt the entire system, and hence it affects the functioning of the system. Resultantly impacts the productivity of the business. Thus there is a need for a platform that can overcome this problem. Blockchain plays a key role in this sense; it is a decentralized technology the possibility of system failure reduces, even if one of the nodes stops working, the other nodes take up the charge. Thus making it the best choice for your work.

3. Peer-to-peer network- Blockchain works on peer-to-peer interaction. It means that the two connecting parties directly interact with each other. You don’t really have to wait for third-party validation and approval. With the dependency of a third party, the cost increases, and it also delays the process. However, with Blockchain intervention, this possibility decreases. One the buyer and seller can directly interact and make payment.

4. Smart contracts- One of the best things about Blockchain is smart contracts. These digitized pre-programmed contracts are auto executed once the conditions mentioned in it are met. This smart contract finds use across different industrial segments. It improves the payment process and also refutes all the unwanted delays that exist in the system.

These are a few of the advantages of Blockchain, but the biggest one being that it helps in making the system infallible and free from errors. Its omnipresence across the different industrial segments defines how potential is this technology.

The future

For those who are willing to make a career in Blockchain or want to become a trained Blockchain professional, Blockchain Council is offering this program. The Blockchain courses offered by Blockchain Council is the best way to delve deeper into this technology while also learning the practical applications. So, connect with Blockchain Council today.