“Blockchain has become a powerful entity in the marketplace, greater than personal computers and the internet put together” – Hardik Joshi, Chief operations officer, Citrus.
Blockchain technology has been swirling the marketplace with advanced innovations and record-breaking contributions towards the crypto marketplace. Marketing industries, private businesses, top organizations around the globe, and even governments are looking at blockchain as the greatest gift to modern technologies. But why is blockchain a big deal? Stay with us as we unfold the mysteries of blockchain technology.
WHAT IS BLOCKCHAIN? HOW DOES IT CONTRIBUTE TO THE GROWTH OF THE WORLD ECONOMY?
Blockchain is a network of linked data blocks. More data can be added to the creation of a new block but can never be manipulated or erased from the data ledger. To be more precise, let’s assume that you want to sell gaming data in a blockchain gaming platform like Citrus to another person and gain value for it. Here is where the blockchain comes into the main picture; with the help of blockchain technology, you can store the game data from its root and authenticate that you are the owner of it, and store the data in a block in the form of a ledger. Once reserved, no one can take ownership from your hands, and the counterparty can see the authentication and feel more credible in purchasing the data from you.
Blockchain has a significant contribution to the world economy. With industries such as banking and financial services, real estate, healthcare, education, agriculture, government and public records, gaming and video streaming, gift cards and loyalty programs and, cryptocurrency exchanges, revolutionizing and implementing blockchain technology in their ecosystems has helped the growth of the world economy is a massive way. According to researchers, blockchain technology is said to uplift the world economy by US$1.3 trillion by 2030.
WHY AND HOW IS BLOCKCHAIN IMPORTANT?
One of the primary key features of blockchain technology is the distribution of ledgers with a reduced operational cost. “We can abolish the operation costs for any transaction as the blockchain disables any intermediaries and help in a direct way of transacting,” says Hardik Joshi when quizzed about the key features of blockchain technology. Also, the elimination of any intermediaries can help a company by monitoring products and transactions all the way to their roots and resulting in an efficient way to save time and energy. Transparency, reliability, credibility, and authenticity are characteristic traits infused in blockchain technology. Blockchain technology has also proven to be very secure as data is validated and stored in multiple systems across various countries. Each of these data blocks in the blockchain technologies is interlinked with one another.
BLOCKCHAIN IN THE FACE OF BUSINESS:
Blockchain has so much to offer to various industries around the globe. Due to its wide-reaching possibilities, companies are stepping forward to implement blockchain technology in their ecosystems. According to a source, the state of West Virginia used blockchain technology and executed it to create a mobile application called “electronic absentee voting” that was accessible across thirty different countries. As a result, this application helped military families stationed overseas cast votes from their mobile phones. The limitations of blockchain technology are endless, and in the upcoming years, we are soon to experience incredible innovations in the field of research and technology. Even NASA is considering blockchain technology and trying to implement it on keeping safe and secured aircraft and satellite data. We are still in the testing stages of this mind-blowing technology.
Blockchain technology, without a doubt, is here to stay and cannot be faded away. Some factors that have to be noted by companies before bringing in this god-gifted technology are:
- Evaluating and understanding the credibility boundaries and processing blockchain in confidential fields can boost a company’s growth and morale.
- Identifying and solving customer queries about blockchain technology.
- Educating, not only the company but also the consumers about the benefits of blockchain technology and contributing towards the revolution.
- Find sources that can benefit the company.
With these implementations, the company’s growth will surely be evident and help the customers to be more satisfied with the company’s services and goals. Also, help them in the contribution of building blockchain technology for millions.