The Potential of Blockchain Technology

1. visit :www.sphinx-solution.com Call :+91-020-26434646 The Potential of BlockchainTechnology TheBlockchaintechnologyismakingeverybusinesscurious.Itisanewconceptbutits immense potential offers different industries great opportunities. It has the power to revolutionize the worldeconomy. It is a digital distributed ledger where the peer-to-peer exchange of information and money is possiblebetweentheconnectednetworks.Insimpleword,thinkofahugeglobal spreadsheet thatworksonmillionsofcomputers.It’sdistributed, secureandanyonecanchangethe underlying code and can check what’s going on. It doesn’t require powerful intermediariesto settle thetransaction. Blockchain and bitcoin have become one of the hottest technology topics in the world. However, most of the other cryptocurrencies also use blockchain technology. The two other main cryptocurrencies are altcoins and tokens. This technology continuously syncs the real- time data maintaining the transparency of the process. It permanently records all the transactionwhichisimpossibletoduplicateoralter.

2. Current scenario and how it isworking The blockchain space is anticipated to spread by 42.8% by 2020. 600 billion was the total size ofcryptocurrencymarketby2017.Globalspendingonblockchainsolutionsin2018 is already $2.1billion.Also,blockchainrelatedjobtripledfrom2017-2018. Thereis alotofpotentialbehind using thistechnology,Smartcontractis oneofthose. Smart contracts are agreements that work using a machine which obviously makes third-party interferenceirrelevant.Theyareactuallyimpressive.Itis youwhowillmaketheagreement. There is no need for broker or lawyer. All the documents are encrypted on a shared ledger and are duplicated many times over it offers transparency. As there is no need of any intermediary,itmakestheprocesscost-effective.Itis fastandaccurateasthereisnomanual filling offorms. Since data is fundamentally unalterable in a blockchain, it makes reviewing process easy. The process of internal audit can also speed up. More accurate information from the database which is simple to discover making the process fast and easy. Even during the time of crisis, blockchain technology makes the process of problem tracking much easier. Within few minutesyoucancheckyourdigitaldataandgettounderstandtherootofanyfault. Be it a liability insurance to cover accidents or workers compensation insurance, using blockchainforclaims filling promises error-free andfastreturnofthepayments. Companies today mostly carry more than one type of insurance, so using blockchain allows fast settlement and prevent fraud. Blockchain can prevent the human error and change the scenario. Not lot of people are confident of preparing taxes and this can be taken care by utilizing blockchaintechnology. Conclusion Differentindustriesexpect toreceivedifferenttreatment.However,sofartheresearchers have made it clear despite some controversies blockchain is getting a mainstream popularity. It is always recommended any businesses opting forblockchain technology service must check the pros and cons beforehand. For a better understanding where your business needs blockchain, check our recentblog. WeareanITsolutioncompany.Wehaveanexperiencedteamworkingblockchaintechnology, Amazon Alexa skill service and developing innovative mobile applications for both iOS and Android. Know morehere.

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