Scope of Blockchain Technology
Blockchain technology is the best way to secure records and processes in not only the financial sector but also in other ones. Read below to know more.
Blockchain Technology is one of the fastest-growing technologies for keeping the record of financial transactions and properties safe. The safety features of Blockchain technology are so good that other industries have also started testing it secure their structures and records. Many studies have been carried out for digital currencies and Blockchain technology, which represents that both of these technologies will be continuing to disrupt the world.
Blockchain technology has a great future worldwide with an incredible scope observed in the financial field and India is no exception to it. After the demonetisation, financial organisations were not able to handle the heavy workload effectively. It brought out the problems of having a centralised system for handling financial transactions. As a result, the RBI is inspiring banks to encourage digitization.
The Government of India is also opting for the use of Blockchain in sectors impacting the digital economy. Different Blockchain companies are already working with Indian clients belonging to Fishery Industries, Waste Management and others seeking the potential growth of the technology as the traditional methods have failed to add much value to these industries.
As Blockchain technology has a bright future in other sectors apart from financial industries, let us have a look at the future scope of Blockchain technology in different sectors.
What is Blockchain Technology?
Blockchain can be defined as a decentralised and distributed digital ledger that is used to record transactions across many computers. In simple terms, we can consider any record within Blockchain technology as a document shared with a group of people (computers/servers that also known as blocks). The document is distributed instead of copied or transferred. This creates a decentralised distribution chain in a way and the involved record cannot be altered retroactively without the alteration of all subsequent blocks.
Scope of Blockchain Technology
Blockchain in digital advertising: In today’s world, one of the biggest problems in digital advertising is challenges such as domain fraud, bot traffic, lack of transparency and long payment models. Blockchain can provide solutions to these problems as the technology will only allow the right companies to succeed. It will decrease the number of bad players in the supply chain and minimising the case of fraud and others.
Blockchain in cybersecurity: The innovative cryptography feature of the Blockchain Technology will help in encrypting and verifying the data. In this manner, the data is less likely to be attacked or altered without authorisation.
Blockchain in Forecasting: The Blockchain technology is set to alter the complete methodology for research, consulting, analysis and forecasting. Most of the global distributed prediction markets are created with the help of online platforms.
Blockchain in cloud storage: The distributed/decentralised security feature of Blockchain will make cloud storage more protected and robust against hacking as the data on a centralized server is exposed to hacking, loss of data, or human error.
Healthcare Sector: Healthcare is one of the data-deficient sectors in India. A lot of time is invested in the compilation of various details related to patients which must be instead spent on providing medical facilities to those who are in dire need of them.
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