What is Blockchain?

Android brought the frenzy for mobile apps and programmers hopped to create different technologies, flatforms, and dialects. This, thus, prompted increasingly more portable applications to create. Mobile devices by step began getting the Internet to advertise from the work areas and workstations. Thus, Mobile applications supplanted web applications.

Initially, mobile apps did not catch on. However, the app developers soon realized that they can design it to suit all sorts of needs. Yes, they understood that it was just about programming. And the strategy worked and we have seen a boom in the mobile app market. Nowadays, mobile apps are all but a necessity.

Experts opine that the possibilities of blockchain technology, in development and business are somewhat similar to that of mobile applications. Blockchain technology is in its early stages and there are only a few Blockchain applications as the mobile app has in 2010. So, we may see a similar pattern of growth in blockchain technology and blockchain applications coming years.

Blockchain technology and Business Applications Democratizes Industries

Peeping into history, we have seen that technological advancement has always strengthened democracy in the long run. For example, The Internet has democratized learning process as everyone has access to more or less the same amount of information. Web and app development processes further helped in democratizing business processes.

It seems obvious; Blockchain will disrupt the present capital-intensive business models. It will, therefore, provide an opportunity for smaller businesses. It can create a more level playing field and will empower individuals and MSMEs to compete with corporate giants. Amalgamated with Artificial intelligence and Internet of Things Blockchain technology and its business applications could disrupt not only the present business models but also the community patterns.  Of course, it will disrupt even governments. It could bring a revolution in several sectors including banking and finance.

Blockchain will further establish a sense of democracy and equality through its disruptive power. Probably, the greatest disruption possible with blockchain is the characteristic of an impartial democracy applicable to anyone.

What is Blockchain?

First, the Blockchain is an “incorruptible digital ledger”. Since the development and growth of the internet, the word digital ledger is a well-known one. However, it is stored in a central server. Hence, there is a great chance of manipulating and corrupting the data. Whereas blockchain has no central server and the data is stored in multiple computers. This is a democratic process that makes it incorruptible.

Initially, Bitcoin has triggered the development of Blockchain technology. The central theme of this digital currency is encryption. Hence, the Bitcoin and like ones are named as cryptocurrency. Because of the encryption, one cannot corrupt the data.

Next, Blockchain can “record not just financial transactions but virtually everything of value.” So, Blockchain is useful for recording anything of value. And, here is the opportunity. We know that any business operations have transactions. There is no business without transactions. Blockchain, therefore, can be used for recording anything in any business. Similarly, governments and other organizations also move with transactions. Hence, the Blockchain will be a necessity for them in the coming days.

The trend in Blockchain technology Business Applications

Blockchain is already grabbing the eyeballs of governments, industry conglomerates, tech companies, and programmers worldwide. Bitcoin has triggered a revolution in blockchain technology. People have increasingly launched cryptocurrencies like Bitcoin and Ethereum. We have also seen a surge in ICOs. Large numbers of these ICOs are fetching investor attention. Although the crypto economy is much smaller than the fiat currency market, it is successful in attracting people.

Data security is a major concern nowadays. Social media giants like Facebook has failed to provide data security and it raised a concern among governments, corporations, financial institutes and the people at large. Moreover, big companies have control over data to date and this is also a major concern. Nowadays, data is the soil where business foundations are laid. They reign who have control over data. This has given enormous power to the corporate giants gathering and controlling data. This has also created several problems in government and businesses. Blockchain technology in Business applications can solve the problem. 

The democratically distributed incorruptible digital ledger

Blockchain technology is based on “democratically distributed” “incorruptible digital ledger”. Hence, it shows light in the dark. Blockchain technology is addressing two major concerns of the day. First, corrupting the data is impossible in blockchain digital ledgers. Next, no central authority is the owner of the data.  More and more people, therefore, are now relying on blockchain technology for recording transactions.

Experts see opportunities in application blockchain technology in a large number of industries including currency and finance.