Blockchain: a universal language without borders
With the advent of Blockchain technology, universal language with no borders is now becoming reality.
Transparency, decentralization, and accountability will make the world a safer and better place to live.
Blockchain enables the creation of a world where contracts will be embedded in digital code and will be stored in transparent, shared databases, where they will be protected from deletion, tampering, and revision.
Blockchains enable the creation of smart contracts, defined as self-executing contracts with the terms of the agreement between two parties or multiple parties directly written into lines of code. The code and the agreements exist across a distributed, decentralized blockchain network.
The code controls the execution, and transactions are tracked and irreversible. It will no longer be necessary for us to rely on intermediaries, such as lawyers, brokers, and bankers.
Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. Blockchain has immense potential in this regard.
Blockchain has emerged to become a potentially transformative force in multiple aspects of government and private sector operations. Its potential has been recognized globally, with a variety of international organizations and technology companies highlighting the benefits of its application in reducing costs of operation and compliance, as well as in improving efficiencies.
Every nation has their unique challenges given the scale, diversity and complexity of processes involved for delivery of varied public services. Blockchain offers unique possibilities of addressing issues relating to improving governance.
Problems that blockchain technology can solve globally
Today, cyber security is one of the biggest challenges for CEOs.
With over one million cyber threats released every day and to secure 200 billion internet of things (IoT) devices, security has become a challenge.
You can be in any part of the world: security threats are everywhere. Blockchain technology can play an important role in safeguarding this.
Blockchain technology is also disrupting the cross-border remittance industry.
The largest problem dealing with cross border payments is the speed of transactions. Blockchain technology makes cross border payments hassle free, almost at zero cost, and in no time. Authenticity and transparency is another major challenge dealing with cross border entities.
Blockchain ensures authenticity to the contracts, documents, and any kind of data.
Rise of peer-to-peer technologies
With the rise of peer-to-peer technologies, Blockchain is one of the fastest in-demand technologies and has also become one of the essential components of Web 3.0.
Today, 70% of corporations are actively building a proof of concept to active development on blockchain projects. Some companies have already implemented DLT-based solutions. It is a permission-less technology that can be used anywhere in the world.
According to a report published recently, banks are expected to increase their budget by 67% for the coming year for blockchain development.
Some of the major Fortune 500 companies like Microsoft, Google, IBM, Walmart, Samsung, Bank of America, Amazon, and Disney are actively involved in analyzing and implementation of blockchain technology.
More than 250 major banks and financial institutions are also actively pursuing implementation of blockchain technology that includes Bank of America, Visa, Mastercard, Amex, and UBS.
Anyone can build a blockchain platform
Blockchain technology is a platform and language agnostic technology. Anyone can use any computer programming language like Java, C++, Go, Python, PHP, and C# to build their own blockchain.
The immutable and incorruptible blockchain technology is a combination of multiple technologies, including distributed ledger technology (DLT), cryptography, distributed ledger, peer to peer network, and consensus mechanism.
Globally, traditional financial exchanges are eyeing solutions related to cryptocurrencies and token distributions. Many are looking into bringing crypto on board and also working on digital ledger technology to use for their own products.
Businesses are using blockchain to promote trust, transparency, and security along with making digital payments.
Insurance is using it for claims, payments, and fraud detection, whereas, the banking & financial industry is using it for loans, bonds, and trading.
Legal industry will use it for documents and contracts, while the government is using it for licenses, benefits, and contracts.
The adoption of blockchain will bring trust and transparency to world trade and it is expected to add $7.5 billion by 2024.
With the developments happening in the sector, the future of blockchain technology is shining. It will become a major component of Web 3.0 and will be used to build systems that require trust, transparency, and accountability.