Top 3 Industries That Will Be Reshaped By Blockchain
Blockchain is a technology that incepted almost a decade back but gained major popularity just a few years ago. It was created to enable the practicability of Bitcoin (a world-famous cryptocurrency), Blockchain finally managed to build a separate identity for itself. Today, Blockchain has become a big name in various industries that have recognized the potential of this decentralized ledger.
Since it was introduced to make bitcoin transactions secure and transparent, finance is the aptest sector that can really explore the potential of this innovative technology, however, it is swiftly moving into a multitude of industries like real estate, gaming, and supply chain. So, what does Blockchain mean and what makes it utilitarian.
As the name suggests, Blockchain is an expanding chain of blocks that are attached using cryptography. Every block has a cryptographic hash from the preceding block along with a timestamp as well as transactional data.
What makes blockchain an unparalleled technology is resistance to data modification. In other terms. It does not allow data to get tampered since it is a decentralized, distributed ledger which records transactions amongst the members of the network in a verifiable and secure manner. Nobody can alter the information stored in one block without confirming consensus from the entire network.
Therefore, this is a groundbreaking technology that has the power to suck several problems out of many industries and infuse reliability and trust. Thereby, creating a demand for professionals with Blockchain Certifications who possess the proficiency the develop, implement and manage Blockchain.
Here is a list of the top 3 industries where Blockchain Technology will carve its niche.
- Finance Industry
The main purpose of blockchain was to support the transactions of digital currencies. It was applauded for its capacity to transfer bitcoins from one corner of the globe to the other in just one hour or so. Thus, this unique invention is making waves in the finance sector as it has the potential to carry out transactions without the presence of a third party since it is a decentralized technology that enables transactions to take place without involving a central authority.
- Gaming Industry
There is a myriad of ways in which Blockchain is proving to be beneficial to the gaming industry. It is boosting the payment system by supporting game purchases. Also, it can help in creating and managing currency accounts in games. The whole point of gaming is to win rounds, competitions and reach multiple levels to receive coins and other collectibles as a proof of your level of worth and Blockchain can be immensely useful in managing this core function.
- Social Networks
Social media can be seen as a database of users. The posts and likes of Facebook, Instagram, Twitter is nothing but an exchange of the accumulated information which organizations used to boost their advertising efforts. In simpler words, social media helps big firms to target an apt audience and offer it with suitable products and services.
With assistance from Blockchain, a decentralized approach to social media is possible which can address various privacy issues. In the absence of a central server, no single establishment gets the power to monitor or control the content produced by the users. On that account, social networks based on Blockchain Technology can maintain the privacy of data.