Wonders of Blockchain TechnologyBy CIOAdvisor Apac | Monday, June 10, 2019
FREMONT, CA: Blockchain technology is widely spreading over the world, and it continues to provide robust security to the industries attached to the internet. It partly changes the way of interaction done with the internet in a superior way by providing security, clarity, interoperability, simple access, and high rates of transaction speed.
Pay-Easy: The implementation of blockchain technology was first seen during the introduction of Bitcoin. Along with the help of distributed ledger technology (DLT), the exchange of payments such as peer-to-peer global transaction became much easier without any limitations. The growing DLT minimises the restrictions faced like minimum payment transfer and high transaction charges in a worldwide payment system.
Securing Privacy: Since the centralised systems could not achieve much success at providing security to global business, blockchain made it clear to take care of privacy. Blockchain uses DLT that helps to save the data on various systems that is available on the network with absolute security. The technology does not hold any third-party connection and encrypts the data stored in the system by offering the utmost security and privacy.
Clarity: The shared version of data cannot alter the information stored by blockchain on a distributed network without the consent of the other attached party. As a result, the data transparency on distributed ledger between the two users available on the network is improved, where changes attempted from one side are impossible.
Increasing Transactional Speed: The data transmission and processing are carried out on a decentralised system by blockchain technology. As there is no third-party involvement, the transactions only need a processor and a cryptocurrency wallet to perform besides, the speed of the exchange is increased, and it additionally becomes cost-effective.
Governmental Use: Blockchain can help the government in securing the data exchanges and storage systems with its unshakable decentralised platform, which can cost-effective as well as great support.
Supply Chains: The blockchain allows specific person ownership data which cannot be tampered with after belonging to a sole user, ultimately keeping intact the traceability and protection of the supply chain.
Energy Usage: The blockchain can track energy usage and provide transactive grids for sustainable energy that are now being used by companies with the blend of DLT with it, to boost their revenue.