What is Blockchain?
Due to enormous publicity the Blockchain technology both the private and public sector organizations have shown their interest in getting this technology understood, following the increasing popularity of the blockchains. The Government agencies have started taking interest in the Blockchain tech and this has added so much to the popularity of this emerging technology.
The blockchain technology has entered its second phase and is in the period of disillusionment which has brought a realism to the blockchain technology. Passing the period of inflated expectation has been considered as an important step in blockchain’s advancement and Governments and the industry leaders have started showing confidence in blockchain’s capabilities and are trying to link it into day to day processes. Where multinationals have already started using this tech into day to day practices.
There are three key components of Blockchain technology:
Why is Blockchain Needed?
Blockchain technology benefits materialistically in the financial system as well as into everyday life.
It is estimated that more than 40% of financial intermediaries suffer from financial crime each year. With shareholders continuing to demand double-digit returns and regulatory costs ballooning, it’s not surprising that the general public is left to pick up the bill. Thus, a reliable and self-managed system has become the requirement of the time.
(1) In today’s era, we need to pay fees with call centres, back office teams etc, where a lot of paperwork is involved and which is to a great extent responsible for destroying our ecosystem.
(2) About 40% of financial intermediaries suffer from financial crime each year. The returns charged by the shareholders is enormous and regulatory costs are getting doubled. Hence leading the General public in the loss.
Blockchain is like the golden egg for the financial system. Being a decentralized ledger and offering appropriate levels of security, the Blockchain has built trust to be widely adopted.
As it is available across the peer-to-peer networks and helps to abolish the intermediaries which makes the user fall in the win-win situation!
Blockchain industry is showing its relevance in many sectors like:-
Supply Chains, Energy sector, Governments, Healthcare, Tech and IT industry, etc
Thus we see that Blockchain technology is being explored across all of the major sectors. Many industries have started rolling out pilot projects taking into consideration the changing era.
Now that you have a pretty good idea of how blockchain can and will change our lives for good, it is time that we start considering blockchain as a potential skill to be added to our resume. By learning blockchain technology, development & programming, you can effectively increase your job prospects as well as payscale. Blocklogy is an e-learning platform where you can learn blockchain programming and become an expert blockchain developer/engineer in no time.
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