Today on everyone’s tongue the word Blockchain is at full swing as starting off with the future predictions and the terms like Cryptocurrency or Bitcoin. Blockchain as a decentralized technology store the data digitally online and makes a copy for every authorized user to get secured access to that data. The data in blocks further recorded in a complex cryptography structure. Through this procedure, it made sure that the data kept in the blocks are safe from any kind of external threat like data tampering and hacks. Blockchain ledgers are also capable of authorizing and validating transactions without any need of a third party verification.
Bitcoin has been talking about the town since the beginning of 2018. They are the most trusted and sought-after cryptocurrency in the market. The one thing that keeps all the cryptocurrencies like Litecoin, Ethereum, bitcoin, etc. running is Blockchain Technology. This cutting-edge technology is the real reason for the existence of Cryptocurrencies and also the backing force behind this complex digital currency. Cryptocurrency has just been scratched from the top, and there is a lot of potential laying unexplored in the deep. We can say that cryptocurrency is the first step towards a more secured digitalized future.
Read also: Pros of blockchain technology
Why Blockchain Is Future of Technology
Blockchain has scope in every field where there is a requirement for a secure way of sharing data. This technology has the capability to change the way the mainstream finance sector works because:
- Transparency & Immutability: These are the two features that any finance company would need to increase the integrity of their works. Blockchain offers a transparent way of storing data where it can view by every authorized user but cannot be edited by anyone. This increases the integrity of the company and trust among its customers.
- International Fund Transfers: As of the current norms in the finance sector, the transfer of international funds is a lengthy as well as an expensive process. The time involved in the process is long as it passes through various validators and crucial steps. It’s a long procedure before the recipient gets his hold on the money. Blockchain offers a much cheaper alternative to this process. It can bring the processing costs down by more than 90% as of the current expenses. There may be many hurdles to pass before this could be achieved, but the future is here.
- Initiating Smart Contracts: This is the most significant scope for Blockchain Technology. Who wouldn’t want the complex contracts to be automated to save costs and time? Smart Contracts are a set of programmes written to undergo a contract when certain conditions are met. This provides a secure and alternative way for traditional contracts. The automated systems would have a better understanding of contract laws and norms.
- Security Purposes: One of the major threat to any kind of online transaction is data protection from hackers and unauthorized access. Blockchain Technology can get good riddance from this technology. The data once entered in a Blockchain node cannot be deleted or edited. This offers enormous safety of data. This can be put to work at various systems like online transactions, data storage, and even identity management.
Read also: Why Blockchain for Business
SARA Analytics as a blockchain development company knows the importance of this advanced technology to bring transparency in the financial system in future.