What is Blockchain?
Blockchain is an existing technology of about nine years and already has an important impact on the world economy. When it comes to transactions involving money, the elimination of intermediaries is not only cost-effective but also more secure, as has been proven many times.
Beyond Cryptomones there is a whole range of startups that work to revolutionize the blockchain industry. The LockHain uses a decentralized transaction confirmation mode. This allows payments to be verified and verified so that there are no double payments or lost payments without a centralized authority. Therefore, this technology supports the expansion of banking services to those who are currently hindered by the digital economy due to the existing banking infrastructure.
In addition to sending and receiving money, the blockchain has already begun to produce a lot of changes in various areas, especially in the investment sector.
What makes blockchain so valuable is its ability to have multiple participants in a singular transaction, each with the knowledge that the information they are working with is accurate and agreed upon by all other participants in the transaction. It is evident how this scenario is applicable in a record-keeping model. Every business wants to know where they lie in the value chain and establish whether they are dealing with the originator of a product or the distributor. The blockchain is a quintessential gold standard of record-keeping with multiple participants all agreeing upon the same information.
As it relates to transactions between two parties, today we have trusted brokers or intermediaries between the process, making the transaction cumbersome, time-consuming, and unaffordable. Moreover, adding a third party into the mix means that the transaction is not as fluid and simple as it should be. The idea of creating a trust economy is essentially how we can leverage blockchain today to be that intermediary. Instead of having a whole other business that you have to spend time and pay potentially large fees to interact with, what if you can leverage technology to play that role of the middleman, transmit information, and allow you to access that information in a secure and transparent manner? Within this idea lies the beauty of blockchain as a distributed ledger technology.
The first recorded use of blockchain technology is that of Bitcoin, a form of digital coin. Taking advantage of the distributed concept of blockchain technology, Bitcoin eliminates the risk that a digital coin will be "spent" on several occasions, a problem that needs to be solved for digital coins to become mainstream. But the utility of blocks is not limited to Bitcoin or any other form of digital coin. In fact, many organizations and industries are taking advantage of blockchain technology today.
We will be seeing a variety of different protocols, chains, and ledgers take different places in addressing needs in different markets. We can also expect a shifting focus toward interoperability, connecting one blockchain to another. Blockchain provides a gold standard for record-keeping and secure transmission. Those transmissions will need to eventually move between one another and between different blockchains depending on the evolving needs.
Apart from these expectations, it would be difficult to predict where the market is headed, since it is moving at such a high sprint. Even today, the adoption has been all-pervasive; almost every organization has begun exploring blockchain, even if it is in small scale or in a discrete way. The genie is out of the bottle, and blockchain is here to stay. Every organization must familiarize itself with the underlying technology, what it can and cannot do for the business, and what it does and does not mean in terms of value. Take the small steps, one at a time. Begin with research and diligence, and move to exploration or small-scale POCs to build out models pertaining to the organization. It is pertinent to start, and start right now. If you haven’t, you’re already behind the curve.