The way blockchain is designed makes it immune to changes, making it ideal for the payment, healthcare, and cybersecurity industries. By reducing risk, stamping out fraud, and bringing transparency internationally, blockchain stands out as the go-to option for most applications.
Since its Bitcoin adoption in 2009, blockchain has traveled a long way to being an extremely innovative technology that relies on several businesses. From voting systems to smart contracts, blockchain is revolutionizing so many traditional processes in more ways than one. Virtually no effort is required to reconcile information between different computers when blockchain is used. Tracing the origin of issues like finding where low-quality goods arrived from is a piece of cake. Also, the absence of intermediaries means that the workforce requirement is reduced.
Several governments have encouraged the setting up of national frameworks using blockchain, giving rise to centralized ecosystems. The European Commission came up with a strategy that meets the gold standard for blockchain technology while embracing the ideals and values in Europe’s legal framework. A service network in China uses blockchain technology to deploy applications quickly. There is scope for an international blockchain platform to help developing nations solve identity issues.
Needless to say, the journey of blockchain has only just begun. Being a relatively new technology, the unfamiliarity with the way it is controlled can cause problems with implementation, monitoring, and access rights. Currently, technical expertise in the blockchain is rare. There are very few firms with relevant experience when it comes to ‘control functions.’
Although such concerns can make one hesitate from adopting blockchain technology, these uncertainties can be overcome by businesses through the implementation of some precautionary steps. The steps include evaluating the use case and requirements of any stakeholders, assessing the cryptography behind it, examining the network and the controls over it, and overseeing how the business is affected by systemic changes.
Widespread adoption of blockchain needs stakeholders of businesses to be convinced that blockchain can be set up and controlled just as effectively as any other technology that newly enters the market. Also, blockchain’s dependency on a large network to approve transactions limits the number of transactions per second. This means there is a need for improvement to make it scalable.
However, like every other technology, newer versions will keep being developed to overcome challenges as they come up, and the benefits of blockchain will far outweigh its limitations. A Gartner report says that blockchain could serve as a foundational technology for nearly one-third of customers worldwide by 2030.
Blockchain, being a distributed ledger technology, brings a wide range of benefits to investors, regulators, intermediaries, and companies themselves. Businesses can take advantage of this once-in-a-generation opportunity to transform how they work, increase transparency, improve time efficiency, and lower overall costs.
With new ways to utilize blockchain emerging every single day, the applications of blockchain in the near future are nearly unimaginable.
So call Blockchain consultants in Houston, Texas, to figure out the best way to incorporate blockchain for your use-case scenario!