The Fintech era went mainstream in 2015 and it was the start of the IoT era in 2016. Blockchain started in 2017 and we saw a paradigm shift because of this nascent technology. Fintechs and IoT are some of the advanced technologies that are shaping the way we relate to the world for the next-generation businesses.
But, Blockchain is about democratization of businesses – which was due for a long time. In fact, we can term Blockchain as that technology that has answers for some of the prevalent issues of recent times.
We have a society that is moving towards Cloud and IoT is coming into the picture, we are yet to realize the full implication of the underlying ledger technology like Blockchain. A few years back, very few people would have heard about Bitcoin. But, now almost everyone knows about Bitcoin. It is the Bitcoin bubble that drew the attention of the people to the Blockchain Technology. We would like to draw your attention to “How Blockchain will bring the change?’.
How Will Blockchain bring the Change?
So, far as the billions of connected devices in IoT are concerned, it offers an opportunity to record information in an altogether new way with Blockchain. In addition, Blockchain will assume a peer-to-peer grid for a more sustainable energy sector.
Next, Blockchain may hold the key to an era of convergence of technologies of the likes of Fintech, IoT and Blockchain – one that brings radical transformation of society in an exponential way.
Moreover, Blockchain needs IoT as much as quantum computing needs AI. This will make true self-learning possible. It is the convergence of these technologies that displays the colours of innovation.
However, in this post, we will take you through a journey on some facts that is about to change your perception on Blockchain: We will now discuss “What are these facts that will change your perception on Blockchain?”
What are these 5 facts on Blockchain that will Change Your Perception?
Some of the facts on Blockchain that will change your perception are:
Transparency and Trust
Blockchain offers the highest level of transparency and security. This solves the vital factor that plays in the minds of the consumers – that of trust. The ledgers in Blockchain are available virtually with decentralized ledgers.
Moreover, they use cryptographic security and transactions are carried out with the knowledge of everyone in the chain. The transactions become visible and immediate and thus invokes trust.
This leads to higher conversion for your business, as the users have better control over the transactions.
Top-notch Record Management
Data handling and record keeping is the best option for the Blockchain technology. In the traditional form of record-keeping there was a single intermediary, but in case of Blockchain, record keeping is manageable with numerous decentralized systems. This way there is no scope of data manipulation or changes.
Moreover, modification of data is only possible when permitted by several people. This helps to reduce the risk of errors and ensures a successful data management.
Acting Quickly and Efficiently
Today, the businesses need to carry on their tasks or make payments in a matter of few seconds. Blockchain helps to ensure the different tasks on-time. Moreover, the smart contracts enable your business to release funds at a faster rate. Furthermore, the lack of intermediaries is equivalent to the reduction in cost. Finally, tracking is made easier and faster, while using this technology.
Not limited to Database Management
The blockchain is a technology that is not limited to database management alone. It offers a revolutionary way of managing businesses. It brings visibility to every aspect of your business.
Moreover, the decentralized control reduces the risks associated in the event of stolen data. They are also capable to handle the trust issues with management and transactions. It reduces risks and enhances trust.
Empowerment of Users
The right to access information is what empowers the Blockchain users. It allows how much of the information is made public and the shows the users who have the right to view the information. The information is secure and the hackers will not be able to break into the system. Once the cyber-attacks are reduced, the privacy is maintained.
Moreover, Blockchain has trust tokens that manage physical assets and own them through smart contracts. In case of the smaller properties, it records the ownership of real properties, reduces the legal disputes and eliminates the fraud factors.
Blockchain is a technology that is sure to be preferred over other technologies for the simple fact that it yields better control over the users with easier and faster transactions. It is a revolutionary concept and has the power to increase the efficiency of your business.
However, you need to think twice before opting for Blockchain technology as it cannot be applied in every situation.