Reasons why BlockChain technology is Attracting Businesses Today!

It won’t be wrong if I say that block-chain technology has evolved since the introduction of Bit-coins (the first electronic cash system) in the year 2008.  And as the years are passing by; more and more businesses are adopting this practice. To disrupt and transform their business model; global supply chains, financial services, health-care, government and every other industry is adopting it. 

The use of block-chain has advanced the technology, and has accelerated unbelievably. 

It not only solves the financial purposes, but it also tends to grow in uncountable facets of human society. To prove this point here are some stats that clearly shows the adoption of block-chain, and the revenue that it has been producing.

• The size of the market of blockchain was $400 million in 2017, and right now it is more than$500 million, and is expected to grow as the years would pass.
• Investors have made an investment of $1 billion in this technology within a period of 5 years in Venture Capital investment.
• The financial service industry has spent $1.7 billion on the technology.

Thus, blockchain has to be exciting new alternative of the traditional currency, centralized banking and many other transaction methods. The fact that it makes a business potentially appealing and efficient is enough for the organizations to adopt it. 

So, now we are left with the question – what is driving this exponential growth? What are the factors that are affecting the market? Is it really helpful for my business? How exactly can it help my business. 

This article will provide you with these answers, and every possible blockchain app development solutions

Let’s begin!

Introduction to BlockChain

The block-chain network was originally introduced for digital currency. In this world, different block contains data about the transaction, trades and other contracts. These blocks might contain the necessary details like medical records, financial transactions. They are lined up in a chain that are interconnected, allowing digital information to spread but not copy the foundation of things that are there on the internet. Thus, block-chain provides with software development services like:

• The data structure in a block-chain is append-only. So, the data cannot be altered or deleted.
• There are no third party interruptions. There is no way for the government, banks and other financial institutes to interrupt the transaction. 
• Since there is no way for third parties to identify, track or intercept transactions that are denominated in Bit-coins.
• It can be purchased and used anywhere where you have access to internet connection.
• It is cost effective and cuts down to the cost of maintenance.

What Block-chain has to offer to the businesses?

Blockchain solutions are not only limited to the exchange of crypto currencies. There are numerous benefits that this technology can present to businesses in many different industries.Through its distributed and decentralized nature. Many outsourcing software development companies use block-chain for there companies only because of the fact that:

1. Transparency

If there is not sufficient transparency in business, then it tends to result in a significant interruption in business. Thus, transparency is one of the most notable characteristics of using a block-chain. In other words, the transaction ledger for public addresses is always open for viewing. In the financial system and businesses, this tends to add an unpredictable layer of accountability that holds each sectors business that is responsible for acting with integrity towards the growth of the organization. This provides the user with a constant relationship on transparency instead of negotiation.

2. Increasing Efficiency

There is no doubt to the fact that Block-chain is a useful technology. Due to decentralization, Block-chain removes the middlemen in various processes of the field that can include real estate and other payments. With the help of this technology, the transaction is made easy and swift. Block-chain is capable of operating smart contracts which activate the commercial activities automatically. The best of using Block-chain: you do not require the boring gathering of multiple parties in the decision that you make. The reason: Block-chain technology can get through easily pre-set programming stipulations.

3. Better Security

Blockchain is contemplated to be one of the most reliable than the systems that are around the web. As the name suggests, block-chain is formed by the network of computers that comes together to confirm a “block”. This block then adds to the ledger that then creates a “chain”. A complicated string of numbers constructs the block-chain, and it is then impossible to be altered that is one built. This nature of block-chain makes it safe from hacks and other malware. Not only this but the decentralized nature also gives the user the power of not trusting any transaction party, and bring out adequate money to you.

4. Improved Trace-ability

With the help of blockchain, every time you exchange goods, it is recorded on the block-chain as an audit trail is present to trace where the goods. This does not only help to improve the security and prevent fraud in exchange-related business, but it also assists to establish the authenticity of the assets. In the field mile medical studies, block-chain is utilized to keep a check of the supply chains that are from the manufacturer. This helps the user to maintain the ownership of one’s money.

5. It is economical

We all replenish the ease that is provided by the power of online payment. But do you know that such a benefit can also lower down your profit? There is an ample number of blockchain app development services like Paypal, and Paytm that is known for the services that they provide.

One of the most notable privileges of block-chain is the removal of the third party. Thus, block-chain excludes or dismisses counterpart risk.

6. A more significant audit

There is a report of every transaction that is maintained on the block-chain which is conducted sequentially and indefinitely, which stretches an indelible audit trail for a life of an asset that is between the parties.

It is much more essential if the source data is essential for the verification of asset authentication.

7. Providing Quality

If any peculiarity is found or detected anywhere along the supply chain, the block-chain system takes to the original point. It makes it easy for the businesses to go through the investigations, and then take the actions required. When a transaction is recorded via block-chain – it tends to remove the human error that can be conducted manually.

Applications where Block-chain is Used

Before you hire blockchain developers, we need to know the different industries where it can be used. We know that block-chain is being used in every where, but where exactly let’s find out!

• Finance Sector: If you are into a business, the work where you obtain approvals for many legal organizations like customs, trucking and other fields are time-consuming and hectic. Thus, block-chain here plays a significant role. Block-chain technology contributes highly to the finance sector. It primarily impacts the speed of transaction, simplicity and security. In a block network, all the participants have equal access to every information about approval and another transaction status.

• Government: One of the most important and essential topics in any news network has to be weapon accountability. Block-chain can create a transparent and an under changing registry network that tends to allow the law enforcement and unchanging registry network that also allows the law enforcement and track the ownership of government. Block-chain technology is utilized for multiple political issues, for example, the series of voting records, and many other things

• Health-care: When it comes to health-care, people fail to submit all the needed records. So as a result, payer required to request for extra data with the process add cost and delay. Hence block-chain technology makes the whole procedure easier by collecting the shared information and data. Block-chain helps mainly in the field of health-care. It helps in saving many patients and people suffering from diseases. It secures and makes sure their lives are saved.

• Food Industry: Block-chain tends to give permission of the records that has data about the origin of the food and other related products (it may include delivery date and location). The usage of block-chain     technology tends to result in a safe sharing of the permit through an efficient food supply chain. If there is a case where anybody wants to alter their food supply, block-chain identifies it and then it tends to notify the user.  Amusing right? Go and hire mobile app developers today

• Education: Block-chain resolutions are utilised for explaining the process of document verification and other institutes to implement the work. The educational experience of the pupils, which includes notes, degrees and medals obtained, is preserved. In the case of virtual education, sometimes the fraud or forgery of examinations or designs is performed by those who attempt to deliver a new one. With the block-chain, it is convenient to maintain economic activities with online businesses or study essences.

Future of Blockchain Technologies

If we talk about the future of block-chain, the cryptocurrency will take in the entire world. You hire software developers to construct your project, and voila block-chain is there.

• We can see that the price of the cryptocurrency has gone up and about. There are precise predictions that the experts have to make for future block-chain.
• By the year 2030, almost all government organizations would adapt to some virtual currency.
• By the year 2030, a significant part of world trade would be performed with the help of block-chain technology.
• Block-chain is expected to provide improvements in the world standard of living that is going to be attributed to the development of block-chain technology.
• It is expected to cross the border that is self-sovereign identity standards that would come out of the individual measures as well as virtual assets.

Moreover, here are some of the added predictions that are made by experts and future of blockchain technology

• Enhanced and increased transparency across the companies
• Blockchain-based security measures.
• Increase in the distribution of data model.
• Distributes government technology-based system
• Self negotiation and trade

In the Nutshell

Block-chain technology is known to be a consensus-driven, decentralized, secured by cryptography technology. Because of these features and many other features, it is utilized in many businesses today. The technology, as well as the supporting platform around the system, is going to develop. Therefore, the future of block-chain can be considered as bright and upholding. Industries have now started adopting it, and it would continue to do so as the years would pass by.

It has not only revolutionized industries that are across the globe, but it has the capability of increasing the efficiency of the work that is there in your industry. Remember that the block-chain technology has been initiated to drive operational efficiency. If it is properly implemented – it can do wonders

I hope that this article has provided you with the necessary information, and mobile app development solutions that are related to block-chain and its advantages. But if you are looking for the best organization to help you with the task then you can trust Xicom Technologies. We are one of those organizations that are known to provide exceptionally splendid and excellent end results for the projects they we are handling.To see our work and the projects that we handle you can check out our Portfolio, and know about the kind of development that we are involved in. You have the privilege to get connected with a team of professionals and Contact the experts anytime you want as the service is 24/7 available for our customers.You can even rent a coder or simply ask them about the queries that you are facing. You can trust us with the development of your project, we always try to deliver the best.