For the majority of the people, blockchain may seem an abstract term – with little or no meaning on the surface. However, it makes great sense when heard in reference to cryptocurrencies such as bitcoin. Blockchain technology is critical to cryptocurrencies. For digital currencies, it provides the foundation of existence. Bitcoin is your digital property based on blockchain technology that can take your business to the new heights of success.
Since long, the IT world is packed with tech buzzwords such a Web 4.0, Cloud Computing, Big Data and Google Glass, etc. Remember? In the coming years, the most abundantly discussed buzzword technologies would be Dark Data, IoT (Internet of Things), AI (Artificial Intelligence), Quantum Computing, Blockchain, and Digital Detox, etc., to name a few.
If you are new in the tech circles, you will feel like stumbled into a conversation where people have a good knowledge about blockchain, and you will be wondering what they are talking about.
Here’s a Quick Heads up!
These days, the eyes of the businesses primarily big conglomerates operating in the B2B industry are fixated on the continually growing blockchain. It’s one of the dominant technologies behind digital currencies – Bitcoin, Ethereum, and Litecoin, etc.
IT firms offering blockchain services face a massive influx of queries about what potential blockchain technologies contain regarding their business advantage. How can it drive more business prospects and profits their way?
Blockchain will have a powerful impact on all walks of life in the future decades. For instance, bitcoin wallet online is an ideal choice for people or companies dealing with the multiple cryptocurrencies.
Another case is the worldwide adoption of blockchain technologies in payment systems predominantly in the banking and finance sectors; HSBC and Barclays are the leading banks with blockchain enabled services.
You might have heard about blockchain as a lot many other individuals do, but like them, it will be difficult for you to come up with a unified definition. It’s hard to state the idea of blockchain technologies and how it helps people to strengthen their business models.
Here’s an easy-to-understand definition of the blockchain technology (regardless of the type) at the heart of all sorts of virtual currencies.
The blockchain is an open, digital and distributed ledger on which the whole virtual currency’s (could be any) network relies as it efficiently records all transactions between the concerned parties – in a permanent, verifiable way.
Marc Andreessen (American entrepreneur, software, and investor) describes this very concept of blockchain technology more comprehensively. He states that “a way for one Internet user to transfer a unique piece of digital property (cryptocurrencies) to another Internet user, such that the transfer is guaranteed to be safe and secure; everyone knows that an online transfer has processed, and nobody can challenge the legitimacy of the transfer.”
What Makes Businesses to Leverage in Blockchain Ecosystem?
The most prominent consequence of this breakthrough technology is that it challenged the corporate status quo.
What’s more that can accelerate your business growth and development.
It’s dominating the traditional corporates, financial institutions, and tech startups seeking to leverage in technology for more profits, reduced operating costs and building new monopolistic empires.
It helps in developing an innovative, problem-driven and rationally planned business models. Here, it helps to encode your business logic in the smart contracts – self-executing codes on the blockchain framework. These codes drive straight-through processing to execute transactions without any manual intervention.
As a digital ledger, it develops a secure connection between a peer-to-peer network of machines; for example, decentralized like Bitcoin. It also allows all the members of this network to participate in any (or every) transaction besides generating permanent, chronological records.
The idea of blockchain technology as a public, digital ledger can incentivize businesses to formalize and secure their digital relationships that are otherwise running wild. Every single organization from government firm to private company and banks are looking forward to building a secure authentication and authorization layer vital to secured digital transactions based on blockchain technology.
Therefore, if you want to take your business to the next level, you need to play safe for which blockchain technology is the best option.