Why Blockchain Technology become an apple’s eye for Many Industries?
Blockchain, Blockchain everywhere, not any other buzzword to think?
Indeed, because Blockchain is gaining tremendous importance and the high adoption rates. Blockchain is a kind of decentralised technology which is open source in nature. It tunes out traditional intermediaries and facilitates a more robust, secured, collective ecosystem verification with high speed so that there is seamless transfer of Cryptocurrencies like Bitcoin.
Blockchain has been a focal point for many Industries and it is Business leader’s favourite. The Industries find it more secure platform as it involves very strong verification. In this short article we will dive deeper into the quest Why it is referred to as an Apple’s eye ?
Pervasivity: Blockchain has tremendous potential. It has been prevalent in many sectors. Be it in healthcare, Banks, Financial Institutions, International organizations, Supply chain and other sectors. Blockchain has been the hot topic for many Start-ups that are sprouting in the world. The integration of Blockchain in the healthcare sector will witness a spending of $5.61 billion in total by the year 2025 (According to Techjury). Another statistics revealed that 60% of the Chief Information Officers are in the phase of Blockchain integration into their infrastructure. The huge adoption has been from the BFSI sector. Banks have the ability to generate $1 billion revenue from Crypt assets. Let us examine the figures regarding global spending of the Blockchain:
From this above representation it can be comprehended that the scope of Blockchain technology elongated because of the rise in the blockchain technology spending over the years. Globally, the Blockchain technology market is expected to accumulate a double digit revenue amounting to $20 billion by the year 2024.
Facilitates economizing: Adopting the blockchain technology helps to minimize costs. The Financial sector which is one of the largest investor in the blockchain technology has seen improvements in the cost reduction. Using Blockchain, Banks can mitigate around 30% of their infrastructure costs approximately. Fintechs and other Financial institutions can save massive transaction costs. The implementation of Blockchain technology eliminates the middlemen so that transaction flows smoothly and it helps in reducing significant costs. It has been predicted that Healthcare Industry can save around $10 billion (Administrative, Fraud, Operation costs) by deploying Blockchain. That is why many sectors are investing in Blockchain Technology in their roadmap to achieve excellence.
Security Blanket: Incorporation of blockchain technology provides security & transparency of the information. In the cryptocurrency technology also it provides record keeping system where the transactions are stores in blocks and when the nodes approve the transaction then it proceeds. It involves continuous mining in order to monitor any discrepancy or falsification and even in Healthcare industry, the medical records of the patient are stored in Blockchain, this assures patients that there records are stored in a secured manner using private key to protect the privacy. Therefore it acts as a transparent security blanket for the many sectors.
Reduces Time & Business risks: Using the Blockchain technology in the infrastructure, Industry leaders can minimize the time & the risk. In Financial sector, transactions can be processed within 10 minutes and even the process of fund transfers speed up. The entire functioning of shared digital ledger has been made transparent, which helps in keeping the risks at bay. Risks are inherent in every sector. If we observe that supply chain management has also involves risk. By deploying blockchain technology in the supply chain infrastructure helps in mitigating the compliance, legal and validation risks by continuous tracking of the material movement, monitoring the database of product. Even the risk of election frauds during voting system can be alleviated using Blockchain technology.
Changes in Technological environment: The digital disruptions are prevalent. Every time we see new technologies emerging. The Industry leaders have monkey on their back in order to solve problems & how to be decisive in deploying new technologies. Blockchain technology implementation eliminates complexity in the process and it is the most wanted technology to be incorporated by numerous Industry leaders. In order to scale the business and making it secure, organizations are investing in Blockchain capabilities through outsourcing Blockchain development services as Blockchain development brings into play effective functioning of Blockchain protocols through utilizing prominent languages like C++, Python, Java, Golang, Solidity, C#, Golang, Simplicity and other important languages while developing in order to make the applications robust, safe & secure.
Key to attain sustainability: We have seen many applications and scope of Blockchain technology. However it is used for the public good as well. Recently, World Bank’s Climate Warehouse is resorting to Blockchain to obliterate Carbon emission Data issues through centralized data. The goal is to make a robust reporting system for tracking carbon assets, eliminating any double counting or malicious attempt in reporting so as to maintain transparency & ethics in the regulatory frameworks.
In this way Blockchain can be called as the feasible solution for many industries because the future of Blockchain is bright and it will continuously help many sectors to embrace the changing business environment by enabling them to stand upright.