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Why Use Blockchain Technology In Different Sectors

Why Use Blockchain Technology In Different Sectors

Blockchain is a leading technology, and everybody is talking about it. The DLT technology first surfaced in the year  2009, with the surge of Bitcoin. After that, the technology swept passed its conventional application and became useful for many business segments. The whooping rise in the demand for Blockchain professionals clearly shows that most companies are now looking forward to using Blockchain technology to simplify their business process and make it more effective. In this blog, we will be unfolding why does your business needs Blockchain technology.

The growing demand for Blockchain technology:

Before we go ahead and understand why you need to switch to Blockchain technology, we need to first understand some of the key problems we need to address. The convention platform that we are using has a lot of bottlenecks, some of which are highlighted below:

  1. Third-party intervention– The first problem that impacts all the businesses is the third-party intervention; most of the business processer ley on third-party, whether it is supply chain or financial transaction, third-party intervention delays all the processes, they impacting the productivity of the business
  2. Increased cost– The next key area that mist the businesses need to address is the higher cost. Every company is looking forward to ways to help them lower the cost, and one of the easiest ways is to skip the third-party and directly interact with the customers. With the conventional platform, one has to spend a lot of time in approval and validation; this consumes a lot of time and increases the cost.
  3. Data security- Another key concern for most of the business is data security. Since most of the businesses have now shifted to a digitized platform, the data becomes exposed to the virtual world. All this is highly vulnerable, thus making the data breach a common problem.

Blockchain as a solution:

Blockchain offers the right solution for all the problems. It is a distributed ledger technology that aids in the process of peer-to-peer interaction since manufacturing can directly interact with each other. Some of the key features of Blockchain that makes it the technology of the future are:

  1. No third-party intervention- One of the key benefits of Blockchain is that there is no third-party intervention. All the interaction takes place directly between the manufacturer and consumer. This saves cost and time.
  2. Peer-to-peer interaction- Another benefit of Blockchain is that it aids peer-to-peer interaction, which means that two parties can directly interact with each other without waiting for validation and approval from the third-party. This saves a lot of costs, which otherwise is charged as processing fee, 
  3. Data security- The next important feature of Blockchain is that it ensures complete data security. Since all the information is encrypted cryptographically, the data becomes safe and secure. And this also reduces the probability of data breach. 

All these reasons make Blockchain technology the future and important technology for all companies to invest in it. 

If you are also willing to become a Blockchain expert and make a career for yourself, then you must enrol for the Blockchain certification program with the Blockchain Council today. 

Devin Pinto

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