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An overview of Blockchain Technology’s Main Advantages

The revolutionary blockchain technology is accelerating fast. And it is not a surprise. Researchers claimed that the real potential of blockchain technology is still hidden. However, the amount of energy this technology is showing is enough to overhaul different industries.<br><br>

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An overview of Blockchain Technology’s Main Advantages

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  1. Call :+91-020-26434646visit : www.sphinx-solution.com An overview of Blockchain Technology’s Main Advantages This article talks about the main advantages of Blockchain Technology and its implementation. The revolutionary blockchain technology is accelerating fast. And it is not a surprise. Researchers claimed that the real potential of blockchain technology is still hidden. However, the amount of energy this technology is showing is enough to overhaul different industries. Blockchain Technology can be used by anyone who wants to process safe, secure transactions, be it money, supplies or other assets. When transactions within the network are completed, they are registered in the system ‘block’ which is impossible to hack or delete. This whole process is transparent and it offers trust to the users. The decentralized feature without any third-party or government involvement is another important aspect. Check out the blockchain technology’s main advantages: • Blockchain comes with high level of reliability • It eliminates the chance to hack into a specific block • Transparent process

  2. • Removes middle-men fees • Increases the efficiency of trades • Increases entrance of diverse populations from different locations • Allow more individuals and businesses to join the trade • Option for customization • It can be public and open or private with restriction • Quick process to conduct transactions • There is no person in charge, so it allows all users to equal Blockchain Applications One of the most popular fields in which blockchain is applied is cryptocurrency. Buying crypto coins is one of the direct options of investing in technology. In addition to cryptocurrencies, here are some prominent industries which have started leveraging the technology • Banking and financial technologies • Data storage and security • Education • Charity and donations • Energy • Government and voting • Insurance • Internet of Things • Legal and law enforcement • Marketing and Media • Healthcare sector • Supply chain management and logistics

  3. Conclusion The blockchain space is anticipated to spread by 42.8% by 2020. 600 billion was the total size of cryptocurrency market by 2017. Global spending on blockchain solutions in 2018 is already $2.1 billion. Also, blockchain related job tripled from 2017-2018. Blockchain can prevent the human error and change the whole scenario. Not all businesses are confident of using and managing technology right now, but a deep study will let them understand whether it is appropriate or not. The industries mentioned in this write-up are just a few examples, the real potential of the technology is still unknown. It is sure that this technology going to stay and disrupt industries. Our latest blog on How to know if your business needs a blockchain technology offers a detailed idea. Don’t hesitate to get in touch with us, if you have any questions. USA : +1 732-947-4310 | UK : +964 0771 7777 916 | Malaysia: +6017-2126274 IRAQ : +964 0771 7777 916 | BRAZIL : +55 21 2258-7260 | INDIA : +91-020-26434646 https://www.sphinx-solution.com Copyright© 2018 Sphinx Solutions Pvt Ltd. All rights reserved.

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