The future of Blockchain
The use of Blockchain is increasingly robust in the financial and telecommunications industry. Its main attribute is a common social demand that we cannot stop analyzing: transparency. A technology that invites us to think about the future.
During the last couple of years, various media and publications ( including this blog ) have reported the growing progress that Blockchain development company has had within the Internet. As well as the various applications where this logic current could be widely applied. But it is not possible to talk about this technology without asking an established question within the medium: What now?
The current panorama
One of the main applications of Blockchain , and for which it has received the greatest focus in recent years, is undoubtedly Bitcoin, or cryptocurrency in general (Cryptocurrency). Which has allowed small and large economies to host a decentralized model and apply it in different areas of society. In which the maximum, or greatest goal for the user, is the final search for transparency.
This is how some of the main references of the model have been companies dedicated to the area of finance. Even so, it is also possible to know some cases within the area of health and even video games. The latter being an area where the cryptocurrency business has managed to change the paradigm in terms of work practices and models .
Hey, what about bitcoin?
Somewhere on this timeline - before Blockchain, after blockchain-; the currency, as we know it today, lost much of its initial popularity in finance. This is where Blockchain came to fill gaps with promises of clear business practices. We speak specifically of transparency. This is why market leaders, such as IDC , have calculated that by the year 2022, the investments made on this model could be around $ 11.7 billion dollars . Yes, billions.
It's real, and it's here
Maybe we don't see it, maybe we don't know, but it is possible that during the last week you have made use of Blockchain without realizing it. The places -virtual- where it is established in real life are several. Those that have had the greatest relevance are:
In the financial services sector, the Blockchain development application has managed to be adopted within the authorized risk assessment. As well as the guided management of commercial portfolios. Read: asset management.
A field that seemed so alien, such as theft and identity theft , has managed to be widely stopped. We owe our thanks to the biometric controls and the on-chain encryption application that Blockchain offers.
In health it is possible to see, every day, cases of total integration of medical records for their patients.
In marketing, the application of this is a fact. Companies like IBM have implemented their own BaaS (Blockchain as a service) usage model. As well as other large companies such as Walmart; that has implemented tracking of the production and distribution of its food
Baby blockchain
Within the summaries of the year 2019, it was possible to know the most critical view of senior finance executives in the web area.
just as Blockchain can incorporate new methods and even currents of thought within the web area; it is still unknown and uncertain, although no less exciting. Not knowing the possible evolution of the system itself; states that those doubts that are had about it, can become possible fields of growth and understanding of it.
So what's next?
According to reports made in Forbes magazine , time is the primary factor to understand and meet the expectations raised by Blockchain development company. As well as the concept of decentralized Internet . The real and tangible impact that this could have is still unknown and highly speculative; But given the large number of applications jumping into the ocean of Blockchain, it is only a matter of time before it can finally penetrate every sector and every industry whose ideals are within its agenda. Transparency, again.
The similarities that they harbor with their first cousin: Digital transformation ; that with a limit of two years he managed to make this prediction a fact. As the transformation methods applied in global commerce continue, Blockchain seems to be the closest candidate within the evolution of digital transaction platforms. Finally being the main objective: Trust .
This is the reason for the quiet hype within the community about Blockchain. If Blockchain manages to meet the expectations raised by companies, it is possible that a future, not too distant, will cease to be a concept, and will become not only a fact; but also in the prevailing paradigm, in the dominant male. Although we all know the consequences of having a male in power.dv
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What is a smart contract?A smart contract is a program or set of code that helps to regulate digital agreements, transactions over digital currencies, and assets between parties.
It seamlessly ensures the security and integrity of execution.
Smart contracts with blockchain technologySmart contracts are developed using blockchain technology.
Also, smart contracts can be secured, efficient, immutable, accurate, trustable.
Smart contracts are executed by fact-based if-else conditions.
They rely on objective facts and not on the subjective judgments of parties.
On the way of Bitcoin to the digital world in 2008, there came a technology that introduced a digital ledger for storing the bitcoins and its transaction Which is named Blockchain.Bitcoin, the most notable cryptocurrency, mostly used for trading purposes.
Thus bitcoin implements blockchain technology for its high data storage.What is Blockchain:Literally, as its name suggests blockchain contains blocks of information connected to the chains(public database).In General, Blockchain is a public ledger or a distributed database of all bitcoin transactions.
It is an open-source technology and anyone can access the details at any time.The unique feature of blockchain technology is that digital transactions and information are immutable.
As it is a distributed ledger, there will be no control or central authority of records stored.Benefits of Blockchain:It is an open-source.The decentralization process makes more accessibility with less attack to data forge.Easy data manipulation,(ie., storage and retrieval process of data).Blockchain -Bitcoin :Bitcoin or cryptocurrency is a digital currency used for an online trading process.
Anyone can mine his/her bitcoin.
But, the bitcoin can be used for trading or exchange process only after getting a legal authority and registration from Blockchain.Why Blockchain Technology:Blockchain technology is that it can be accessed by thousands of people at the same time.As it is a decentralized system it is impossible for hackers to hack.This Blockchain Technology is Immutable.The connected nodes can see updates in the block, but cannot be altered or change any information unless they get approval from the other connected nodes.>>Read MoreWhy Bitdeal:We, bitdeal - a Blockchain development company being a monopoly in southern Asian and creating a brand reputation by providing Blockchain as a service.
How to run a cryptocurrency exchange successfully?Launching a cryptocurrency exchange is much easier than running the exchange successfully.
Perseverance and proper planning are much needed to run a cryptocurrency exchange software successfully.Liquidity:Liquidity is a major factor that is needed to be considered for running an exchange successfully.
The major reason is that the liquidity keeps the traders engaged and it will motivate them to perform more trades which will increase the revenue of the platform.Scaling:New cryptocurrencies, trading pairs should be introduced in the exchange eventually.
This will provide the traders with a vast amount of options to trade and it will increase the users base as the users who are interested or already having the integrated currency can register and perform trades within the platform.
Adapting new features and trading methods will also excite the users and it will let them spend more time on the platform.Easy check-in and out:Registration process should be hassle-free for any type of platform.
Entering an exchange should be tension free and the KYC approval can be automated for instant approval and security.
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