Be it Bitcoin or Ethereum, all cryptocurrencies use the distributed ledger technology called Blockchain. Since 2013 till 2017 the gross number of global users of cryptocurrencies has increased from about 3 million to 6 million. This is because the payment fees around bitcoin is much less, below 2% or even 0% compared to the normal 2% – 3% charge.
I know you are wondering that if Bitcoin and other cryptocurrencies are still growing then why am I asking you to forget it? It’s quite simple, although bitcoin is around for years it hasn’t gained much popularity and is not easily understood.
Majorly, bitcoin has existed in an unregulated form in the commerce domain. Its decentralized and distributed blockchain architecture makes it hard as a nail for regulators to speculate how to tax the transactions. This not only questions the uncertainty but also the usefulness of bitcoin in future.
Do you think that blockchain technology is only limited to cryptocurrency and Bitcoin? Well, no it is not. This technology is spreading to other non-bitcoin areas as well and its real potential is still getting discovered. The world will encounter this technology in not just the financial domain but many other domains in the coming years like health care, pet care, banking and blockchain development service provider are excited about the future.
So, what do you think about the future of Blockchain? Will it be limited to Bitcoin only or will it break boundaries and expand? Let’s explore the stimulating, practical and obvious business applications of the blockchain.
Considering that blockchain was originally designed to ease bitcoin transactions, it is evident that it may be adopted more in the finance domain. The decentralized quality of blockchain importantly makes a peer-to-peer arrangement between each side of the transaction. This removes the necessity for a dominant authority and can streamline other kinds of transactions as well.
This principle can also be applied to everything (in theory) from the stock market trading to international transfers. Banking, stock market, credit marketing are some of the industries that could possibly apply blockchain to rationalize and enhance the financial transactions.
Identity and data management:
Do you know what’s the biggest threat in the e-Commerce domain today? It’s ‘identity theft’ and the need for cybersecurity hasn’t diminished. If anything, it is well known that the cyber theft preys on always-moving and changing targets. It is impossible to stop carrying e-Commerce through the internet. Hence the ability to verify and protect your personal identity data will be the keystone in performing any valuable transaction, be it buying grocery, stationary, apparels or a share.
Similar is the case of social media like Facebook, Twitter where your personal data is exchanged for free access to these platforms. Hence the need for the security of your data is of vital importance. Blockchain has the potential to run low many of these security issues and simplify the verification process.
From the start, the Internet has been set up on a centralized, client-server connection. To be more specific, any website can be tracked down to the specific centralized server. The everyday increasing usage of the web content burdens the centralized server heavily, which is already struggling to keep up with the growing demand.
The distributed and decentralized model of blockchain is completely opposite to the existing structure of the web. Blockchain can, not only reduce the load put on a single server but also enhance the speed of operations like file transfer, data streaming, data uploading etc. It will also reduce the chances of hacking or data loss due to a server glitch or fiasco.
Smart contracts are considered the utmost influential application of blockchain technology. These contracts are designed to supervise all facets of an agreement from simplification to accomplishment. Once the involved parties agree on the defined conditions, these can self-execute and be self-imposed. These are the alternative to the old-style agreement laws, are faster and cheaper compared to the old-style ones.
Currently, these contracts mostly use the cryptocurrency Ethereum. The ability of these smart contracts is boundless and can be applied to any business field in which the old-style agreement law applies. Nevertheless, smart contracts are one of the most fascinating ways of the blockchain; thus, expanding blockchain to a bigger world beyond cryptocurrencies.
At this very moment, blockchain is a technology with a comprehensive set of patent applications. Organizations have already started exploring the other business areas where this technology can be explored, irrespective of it being associated with the cryptocurrency.
What excites more is that every day, new ways of employing the blockchain technology are evolving. But before you get involved in implementing this technology, it is of prime importance to understand this technology and how can it be used to transform your business.