As Bitcoin firstly introduced in 2008, it has evolved the Blockchain technology. Bitcoin is an electronic cash system which offers lower transaction fees when compared to traditional payment and is managed by a decentralized authority. Nowadays, many investors are becoming conscious about the machinery behind Bitcoin named Blockchain. There are many hokiku88 fields or sectors look for ways to incorporate this tool into their infrastructure, from finance to medicine.
With its trustless and decentralized nature, it can lead to benefits and opportunities throughout better security, transparency, and also traceability. The solution of Blockchain is not only limited to cryptocurrency exchanges somehow. In fact, there are several benefits of this technology in many distinct sectors or aspects.
Better Transparency
The best characteristic of Blockchain is its transparency. It is free for the public to see the transactions. It adds an unparalleled accountability layer, holding each business sector to act with reliability towards the customers, community and the company’s growth especially in business and financial systems.
Enlarged efficiency
Thanks to its decentralized nature which removes the necessity in several sectors like real estate and payment especially for middlemen. When compared to traditional payment, Blockchain makes a faster transaction possible by setting aside cross-borders transfers through virtual currency.
Superior security
The Blockchain is considered safer than the traditional system as each transaction is linked and encrypted to the earlier transactions. As the name suggests, it is formed by a computer network to confirm a block to form a chain. It is formed by a complex mathematical number strings, makes it impossible to be distorted once created. This incorruptible and immutable nature leads to better security at hacks and fallacious information. The decentralized nature is also unique as parties don’t need conviction to transact securely.
Enhanced traceability
With the ledger of Blockchain, the goods exchanges are recorded on a Blockchain, an inventory tracking is there to trace where the goods are from. Hence, it can help improving security as well as preventing fraud. It can also help traded assets authenticity verification easier. In medicine industries, it can help to track the chain supply from medicine manufacturers to distributer to give indisputable ownership proof.
Simpler integration
The complexity of Blockchain has caused many companies unable to integrate since they don’t know the appropriate ways to do so. Blockchain-as-a-service is used to integrate this technology into business effortlessly with no disturbance.
However, while it is perfect for a transaction, it is not an ultimate answer for a super-fast virtual transaction that occurs in milliseconds. It requires a massive amount of computing power hence it will need a centralized database to process and store the information.
Blockchain is undoubtedly exciting and has the prospective to alter how many businesses work. However, it doesn’t mean that it is the right answer for every situation. In short, if you are happy with your current database, you don’t need to switch this tool quickly.