The popularity of blockchain technology is increasing day by day. In the year 2008, it first came into the market in order to facilitate the cryptocurrency named Bitcoin. But as time passed, the arena of blockchain did not stay in the limit to Bitcoin but also got wider and wider day by day.
It has also changed the way a business used to be conducted. It is one of the most significant technical discoveries of the last decade. A number of experts are predicting that it can take the position of the internet in our life very soon.
What Is Blockchain Technology?
Cryptocurrency or BItcoin is the name that comes to mind when most people hear the word Blockchain. And they also believe that blockchain is the synonym of Bitcoin or Cryptocurrency.
But in actuality, blockchain is the technology that lies behind the total operation of Bitcoin or any other cryptocurrencies. These are decentralized and shared forms of digital ledgers; this digital ledger transparently records and also enables totally secure peer-to-peer transactions.
Traditional trader of assets involves some third parties, like brokers, banks, exchanges, governments. But here in blockchain technology, no third parties are involved. This technology consists of blocks, and each block represents the functional and structural unit.
Every block stores data and is linked to each other just like a chain. The data that a block has in blockchain technology is really hard to change. This enables the security of cryptocurrencies.
Why To Invest In Blockchain Technology In 2021
Experts are saying that investing in blockchain technology is the future. But you just cannot listen to something that is just rendering in the market and put your money in something about which you do not have any idea.
So, before you dive into the blockchain market, it is important to know the reason why you should invest in blockchain technology standing in 2021. Here are the main reasons why experts are saying blockchain is the future.
- Blockchain Has Huge Potential
It is true that blockchain technology is used behind the fundamental operations of Bitcoin, but this technology is not limited to Bitcoin or any other cryptocurrencies. Apart from making cryptocurrency transactions, blockchain technology also allows you to receive and transfer payments across the world almost instantly.
You also can create and set up contracts that are self-executing, record and also store data, prove provenance, and manage your supply chain. The list does not end here. With blockchain, any business can be streamlined and also improved.
When it comes to data privacy, security, fraud prevention, and identity verification, there are also some concerns that are secured here with this blockchain technology. So, it has all the potential of offering a secured and safe alternative to the technologies that we are currently using.
Major Businesses Are Adopting This Technology
Blockchain is no more the technology of the future. Whereas it has already come into the mainstream, and huge companies or businesses are adopting blockchain technology in their operations. When large organizations are adopting it, the popularity is automatically increasing among the common people as well.
These organizations are able to see the future of this technology and started implementing it in their business operations, and also have started to invest their money in blockchain technology in order to explore the possibilities.
Here is the list of businesses that have adopted blockchain technology in 2020.
- Bank of America, Barclays, HSBC.
- IBM, Microsoft, Google.
- Unilever, Walmart.
- DHL, Pfizer.
- Prudential, AIA group.
- British Airways, Lufthansa.
- Westfield, JLL.
Has A Promising Future
Cryptocurrencies, along with blockchain technology, have brought a storm in the world. Though different sectors of business across the globe have started to adopt blockchain technology, the full potential of blockchain technology is yet to be known.
Some experts are also comparing it with the potential of smartphones. Remember the time when smartphones were initially launched. It was nothing but a few apps. But in the last decade, technology has brought a boom in app development.
And in the present day, these tools have become an immense part of our daily life. The same thing will happen with blockchain technology. In just a few years, blockchain will be the new normal in business.
It is also being predicted that by the year 2030, everyone’s physical and virtual assets will have a blockchain identity that will be necessary for purchasing services or products. For storing those individual records, such as health, birth, academic results, employment, marriage, and ultimately, it will also record death.
Being a decentralized system, blockchain technology does not have any single unit database. In place of that, it has several copies of it. So, if anyone thinks of targeting the central database, it will not be possible here.
The decentralized system does not have any authority. So, no government or anybody has the right of access to regulate this system. The lack of single control is making the blockchain popular day by day.
All the copies of the data in a blockchain are available in each node and are also updated everywhere. And no one can hamper the data. I mean erase or rewrite it. So, there is no need to worry about the security of the stored data.
From the above discussion, it is clear that blockchain has the total potential of becoming the future. The popularity of cryptocurrencies is also increasing in recent years. There are also a bunch of reasons behind it. And blockchain technology is the backbone of it. The lack of third parties in blockchain technology reduces the cost of international transfers of money. So, as per the experts, the day is not very far when blockchain technology will rule the world.
Sofia kelly is a passionate blogger. She loves to share her thoughts, ideas and experiences with the world through blogging. Ani Johnson is associated with The legal Guides & The Cbd Magazine & Okey Magazine.