Blockchain and cryptocurrency have gained a lot of popularity over the last decade, mainly due to the frantic growth rate. It is a fact that cryptocurrency has seen ups and down in the finance market. But among these ups and downs, the potential for Blockchain technology has been exposed on a broader scale. Blockchain Technology is now seen as an alternative to traditional digital currency management and banking system. Blockchain was initially developed to back Bitcoin cryptocurrency. It works by maintaining a decentralized ledger for recording transactions in blocks which is accessible to all the authorized users in a secure way at any time.
As of today, Blockchain is reshaping the industries of various financial sectors, manufacturing, accounting, and healthcare. This technology will continue to evolve itself in the coming days and is not just limited to Cryptocurrency. It is essential to understand that Blockchain and Cryptocurrency are two different things.
Blockchain Technology acts as a backend technology for recording transactions in Bitcoins. It is the very reason for the existence of Blockchain. In simpler words, Bitcoins would not have possible without cryptocurrency.
Here is why businesses should adopt to Blockchain Technology:
Security: Anything that is digital always faces a threat of getting hacked, and there are chances of getting data stolen or tempered. In the case of Blockchain, due to a decentralized system, the data is stored with everyone which makes it impossible to get altered or deleted. The data, on the other hand, is also protected with advanced cryptography to prevent any unauthorized use.
Reliability: Handling daily business processes is a complex task. Through Blockchain Technology you can increase the reliability in the works of your business. The data processed and work done are free from any kind of human error or biasness. Blockchain Technology also prevents any kind of fake documents or fraudulent transactions.
Decentralization: Decentralization system is the one in which every participant or user is equal to another. This form of management increases transparency in the business and thus increasing the integrity of the organization. In the case of a centralized system, if there is a crash in the system, all the nodes connected to it will crash with the central unit. But in a Blockchain powered decentralized system, this is not possible.
Smart Contracts: Blockchain Technology allows the introduction of smart contracts in the system. Smart Contracts are a set of an electronic algorithm that allows the contracts and transactions to be done if certain conditions are met. The contracts are automated and also saves both time and cost for the company.
No Mediators: There is no need for a mediator for authorizing the transactions. The transactions can be verified in by an AI powered algorithm in a blockchain network. This way it needs less manpower and increases work efficiency in the organization.
Blockchain Technology is the future of finance and management sector, and various users are adopting it for their organizations. SARA by knowing its importance offers refined Blockchain Development services across the globe as per clients business needs. Any company or organization which is interested in secured and faster processing of transactions of data will use this technology for their businesses.