Despite the fact, Satoshi Nakamoto’s ingenious invention was designed for cryptocurrencies, blockchain technology has proven to be revolutionary because of its other potential uses.
As Bitcoin is known as “digital gold”, developers have found the real value of blockchain as it created the backbone of a new technological approach in various industries as it allows innovative opportunities.
The real question is, what is blockchain?
In recent years, digital currency has been a controversial concept; back to when it was first launched Bitcoins traded for $1, now one Bitcoin is worth about $8,000. Specialists may not recommend Bitcoin as the best form to invest, but they appreciate the technology that makes cryptocurrency transactions possible, blockchain.
Blockchain is the underlying technology that makes digital currency transactions efficient, because it helds all the data in a network of interlinked computers owned and operated by the users. All the information of the blockchain is shared simultaneously in a database with various locations, so the records are easily verifiable and decentralised.
3 benefits of blockchain technology
1. Full disclosure
One of the biggest selling points of the blockchain is the fact it makes transactions transparent. It is possible to trace all the activities back to the origin and monitors every step, so the users find this process quite honest as they are able to have a full view of the transactions, still it is a secure option, as the data is encrypted to avoid the risk of a hack or the interference of third parties.
2. Highest degree of accountability
Blockchain guarantees a reduction of human and machine errors as all the transactions are recorded and verified. That is why other companies are going for blockchain technology so they can manage their records in a more accurate, better and secure way.
It also becomes easier to audit the entire accounting process and improves its efficiency as all the data is traceable and registered in a single joint to avoid multiple records.
3. Taking back control
Banking institutions have helped their customers manage their personal or business finances through out the years, but the empathy between one another has not been the best. Many customers are dissatisfied with the traditional methods and strict transaction policies.
The decentralised structure of the blockchain returns control to the customers so they can make their own financial decisions without compromising security.
THE FUTURE OF BLOCKCHAIN FOCUSED COMPANIES
The financial industry still relies on manual operations but it is ready for disruption as the changing market conditions require innovations that move towards the future.
Blockchain technology seems to be the golden key many industries have been seeking for in order to automate their processes and integrate services in one single platform so they can eliminate additional mediators in this time-consuming transactions that may be causing a bottleneck of the company’s growth.