The first cryptocurrency named Bitcoin was launched in January 2009. Before that date, neither anyone heard of any cryptocurrency nor the technology used in it, i.e., Blockchain. But now that everyone has become familiar with this technology, experts are realizing its potential to transform other industries too.
Take, for instance, healthcare, education, banking, and financial services, supply chain and logistics, and whatnot. And if you own or operate a business in any of these industries, you need to make the most of Blockchain to improve your organizational efficiency and reduce losses. But for that, you need to take professional help from the best Blockchain development company on the web.
But what will they do for my agency? You might ask. Well, they will help you integrate Blockchain into your core system or process, which will make you fall in love with its benefits. For example, Blockchain is a decentralized and distributed ledger whose data can’t be changed by anyone out there, making it an extremely transparent technology to use.
What else? No central authority or individual is required to handle a Blockchain network. All the participants involved in the network verify the data recorded in the ledger. It means Blockchain is a very reliable and secure tech that wards off all the possibilities of manipulating crucial data by any malicious actor out there.
Therefore, if you are looking for a tamper-proof system that can address existing challenges in your organization easily and effectively, planning to hire Blockchain developers is the way to go. Ok? Now, let’s catch a glimpse of:
Key Blockchain Statistics 2023
- With a CAGR of 56.3%, the Blockchain industry will be valued at no less than $163.83 billion by 2029.
- The total spending on Blockchain solutions worldwide will touch the $19 billion mark by 2024.
- There are more than 170 million Blockchain-powered wallets globally, including Blockchain.com and Coinbase users.
- With the help of Blockchain, financial organizations can save around $12 billion each year.
- Blockchain technology in the healthcare sector is estimated to reach $231 million all over the world by 2023, with a 63% growth rate in the subsequent six years.
If these figures are enough for you to understand the actual ability of Blockchain to make a significant difference in various sectors, we would advise you to employ a Blockchain development company now to develop a powerful solution for your establishment.
With that grasped, it is time to peruse the next topic, i.e.,
What is the main difference between a Blockchain and a conventional database?
A database and a Blockchain differ in a multitude of ways. And today we will learn a few of them:
- A database is centralized, whereas a Blockchain is not.
- A database works fast and more efficiently in the case of centralized applications. However, a Blockchain is more secure and tamper-resistant due to its distributed nature.
- The cost of maintaining a Blockchain is expensive compared to a regular database.
Beyond that, if you are confused between a private and a public Blockchain, we must tell you that the former comes in handy for remote applications, while the latter turns out to be useful for public applications.
Still, the good news is that hacking a Blockchain is no easy feat, and thus you can accomplish full peace of mind when you have a Blockchain-driven system at your disposal. So, are you ready to get such a system right off the bat? Then, please hire Blockchain developers without reconsidering your decision.
What are some popular use scenarios for Blockchain?
1. Smart Contracts
The best thing about smart contracts is that their underlying technology, i.e., Blockchain, enforces the concerned terms in real time. Yes, and such contracts are developed as an agreement between two or more parties, that doesn’t require any intermediary to ensure proper management.
What else? These contracts exist across a decentralized yet distributed network that eliminates the possibility of manipulation.
Just to let you know, smart contracts have become an important element nowadays in multiple sectors, such as:
- Real estate
- Government agencies
And if you want to construct smart contracts for certain areas of your business straight away, it is a smart idea to collaborate with a professional Blockchain development company.
2. Internet of Things
The IoT industry has been growing at a rapid pace for the last few years, resulting in the emergence of billions of connected devices around us. And the latest prediction by a leading provider of market and customer data suggests that there will be around 50 billion devices in use across the globe by the end of 2030.
Now do you know what the catch here is? The way this number is growing, it will boost the vulnerabilities in general. Do you know how? Well, interested hackers can breach your data with the help of just one connected device.
But the moment you incorporate Blockchain technology into IoT devices, the chance of data breaches can be minimized big time. And if you are concerned about your business’s data or customers’ data to a great extent, we would recommend teaming up with the finest Blockchain development company now to get a perfect protection solution for the same.
3. Money Transfer
The next mind-blowing use case of Blockchain is a money transfer and payment processing. Yes, you heard us right! Blockchain technology is so powerful that it ensures lightning-fast transactions in real time.
And the good news is that it has already revolutionized the Banking, Financial Services, and Insurance fields and is showing its influence in other sectors too. The biggest benefit of using Blockchain in the BFSI sector is that it saves both time and money in completing each transaction.
In most cases, it removes the transaction fees levied by banks and other financial institutions. So, if you want to expedite the whole process of transaction verification and completion in your banking institution, you must hire Blockchain developers now to develop a relevant solution.
4. Digital Media
Are you aware of the challenges that digital media agencies are facing for a long time? If not, we must inform you that they are:
- Data privacy
- Royalty payments
- Piracy of intellectual property
- Copyright infringement
- And many more
Now, you won’t believe this, but Blockchain technology can play a huge role in dealing with all these issues. A case in point here is that by integrating Blockchain technology into digital media infrastructure, all establishments can:
- Protect their intellectual property
- Maintain their data integrity
- Target the right set of consumers
- Ensure the concerned artists get their royalty payments on time
Thus, if this piece of information has impressed you, and you want to leverage the pros of Blockchain, then consult a Blockchain development company today and ask them to resolve your organization challenges through a Blockchain-driven solution.
One of the great news about Blockchain technology is that it can be easily incorporated into control systems as well as document storage. A major benefit of this type of Blockchain application is the inability to change crucial data present in the system.
What’s more? Even if someone wants to add information, they can do the same, but they can’t overwrite it. Furthermore, the legitimacy of the document can be confirmed because it is a cakewalk to figure out who wrote it and when.
Still, you will be stunned to know that only fewer agencies have taken advantage of Blockchain in the field of education. And one of the best examples is the University of Nicosia in Cyprus.
This university first identified how Blockchain can benefit their institution. Then, they used this technology to keep the degrees and certificates of students safe. And the most exciting news? Well, it is the first educational institute in the world that accepts cryptocurrencies as payment for candidates’ tuition fees.
Now, if you also got an idea to implement Blockchain in your academic organization, hire Blockchain developers straight away to help you with technical stuff and turn your expectations into a reality.
6. Non-fungible tokens
NFTs or Non-Fungible Tokens are generally considered reliable methods to own the actual rights to digital arts. The main purpose of using an NFT with Blockchain is that it guarantees the existence of a single copy of all digital art, given that the aforementioned technology prevents the same information from storing in two places. That also means it is a breeze to invest in all physical arts without any hassle of storage and maintenance.
Be mindful, Non-Fungible Tokens have a huge range of applications, and they are one of the most trusted solutions for conveying the ownership of anything that can be denoted with the help of data. A few cases in point here are:
- The deed to a house
- A program or event ticket
- The broadcast right to a video
So, if you liked what you learned about Non-Fungible Tokens above and want to adopt a similar solution to reduce the discrepancies in your system, kindly look no further to a globally-recognized Blockchain development company.
7. Logistics and Supply Chain Tracking
Having the ability to track desired goods or products is a solid advantage for both customers and business owners. And the biggest soul-pleasing news here is that Blockchain technology can turn out to be handy in this department as well. Yes, Blockchain technology can help you track your favorite commodities easily when they move from one place to another through a supply chain network.
Apart from that, it offers ease of communication between the concerned partners since information is present in a secure public ledger. That’s not all! It delivers robust security and data integrity too, provided that the information on Blockchain can’t be changed. So, the fact of the matter is that various supply chain partners can work with each other more effortlessly with higher trust. And all that becomes feasible because the data offered is precise and up to date.
Hence, if you are a commercial business owner in the logistics and supply chain industry, hire Blockchain developers now to build and integrate the above-discussed Blockchain-based solution into your system.
8. Personal information protection
Lastly, it is a wise decision to utilize Blockchain instead of your existing system to keep your shoppers’ information safe, like:
- Social security number
- Date of birth
- Other confidential information
Want to know why? It’s because the former is more secure compared to the latter, which is more open to attacks like hacking. It is the main reason it makes sense to use Blockchain technology to secure access to the most imperative information while enhancing the accessibility for fellows who need such convenience in industries, such like:
Do you operate an entity in any of these areas? If yes, have a casual conversation with a highly-rated Blockchain development company now to safeguard the personal yet sensitive information of your buyers.
On a concluding note!
Now that you read and perceive all the information included in this long post, we hope you will share the information discussed above with other individuals too and spread awareness about Blockchain.
However, there is one more thing you can do right away, i.e., exchange words with a top-notch mobile app development company to create a Blockchain-powered solution that will cater to your target consumers with full safety and security.