Bitcoin is still the hot subject of conversation nowadays, but did you ever thought about the fascinating technology behind it? It is even more interesting than the coin itself because it has many approaches.
Blockchain technology serves as the basis for various digital coins, signifies IronX. Systems based on this technology do not require an intermediary to manage and oversee financial services; therefore, costs, time, and resources are cut down. For instance, in capital market trading systems, all parties keep documentation of their activities private, something that takes up much time and cause human errors and potential loss of data, reveals IronX. Blockchain technology lowers the risk of mistakes and fraud, since data is decentralised and encrypted, and cannot be changed. In parallel, the process is simplified, and the use of an intermediary becomes unnecessary.
Blockchain technology makes it possible to manage decentralised accounting books, and safe payment systems for international trading which include verified bills of lading, payment systems for use between individuals on social media, and more.
Companies that specialise in international cash transfer and payments have started to look into the use of blockchain-based applications, via which those transfers can be made quickly and error-free. According to IronX, this technology also aims to minimise money laundering and fraud.
Using blocks to store data and create a unique, uncrackable digital signature makes blockchain technology useful and very efficient for property and copyrights. Assets, patents and copyright registration for artists, for example, can be managed efficiently.
Some people believe that the financial incentive provided by blockchain-based projects may occur a massively powerful technological revolution. That will reopen markets to competition, but this time, the value won’t go to brokers. Instead, the companies and individuals who provide the data will benefit. Additionally, by using blockchain technology, the sharing of information for organisations, both internally and externally, will be far more reliable and trustworthy.
In summary, blockchain technology was invented as a basis and ledger for Bitcoin use, but it also has other appliance, says IronX. New and creative initiatives for this technology are continually developed and harnessed in other fields, beyond the financial sector. It is only the beginning, and while we are sure to see many initiatives fall flat, ultimately, this technology is here to stay, and it might change the world for the better.