The blockchain is probably the most important and transformative technology of the future. It is believed that blockchain will do the same to banking what internet did to media. In fact, like the internet was the first native digital medium for information, blockchain is the medium for peer-to-peer value exchange. Therefore, blockchain is set to revolutionise numerous industries such as the banking sector, cyber-security, commerce and many more.
Moving further, first let us know what blockchain is and why it is important. As more and more of the world go exclusively digital, there is growing need for security and transparency. This blockchain technology network allows individuals in a digital space to collaborate, sell and trade items of value directly with each other, thus excluding the middleman. In this network, there is no central authority, which means that one attack will not bring the entire system down as used to happen previously.
Here are some of the benefits offered.
Transparency – One of the most attractive features of blockchain technology is the transparency which is guaranteed by the distributor ledger. The ledger is public and makes it possible to track information back to its origin. Transparency is attractive for e-commerce, however, brands tend to hold information for themselves and in some cases charge traders for the information. Blockchain solves this issue by enabling everyone to run its trade analytics free of charge.
Speed – Many stakeholders make e-commerce transactions unnecessarily complicated by series of bureaucratic steps. Payment, billing and processing used to take longer, but with blockchain, it can happen almost in real-time. It is a decentralised system which disentangles the processing to a simple interaction between buyer and merchant.
Cost-Effective – Today business transactions run through a complex network of vendors, including credit card networks, banks and payment processors. Blockchain technology removes all the unnecessary middlemen allowing for quick, reliable and low-cost transactions.
These are some of the things blockchain technology is and will be offering in the future.