The Future of Blockchain

By CIOReview | Friday, February 9, 2018
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With the advent of blockchain technology during the invention of cryptocurrency, Bitcoin has now provided the economy with far more advanced opportunity through its peer-to-peer sharing method. The new technology is allowing the finance market to improve liquidity, redesign legacy workflows, and free up capital. Other than that, blockchain is being implemented by governments to track physical assets, healthcare system to encrypt and protect confidential data, and retail industry to implement access permission levels for the employee hierarchy.

Yet the potential of the blockchain, a distributed network is not limited to the aforementioned industries. More verticals are researching about how blockchain can best enhance their solutions and help them stay above the competition. The blockchain is proving to be the best form of modern technology that provides facilitates transfer of data in a secure and efficient manner with the use of a digital ledger. It provides a trusted and accurate single platform, through which all the participants of the chain can track the changes as well as preview the history of the data transaction.

Blockchain has the capability to reduce the costs and time associated with each transaction. It can also secure decentralized private records with the help of encryption, as well as create an autonomous marketplace. Moreover, cryptocurrency using blockchain technology is being accepted by countries as a convertible decentralized virtual currency and can be used by anonymous users to perform a legal transaction within government-approved guidelines.