Blockchain technology has been in the market for over a decade and with invisible technology, it is helping many industries to reach its fullest potential. Blockchain technology is arguably the most influential technology that the industries have seen so far. Several industrialists believe that blockchain technology is the future of industrial technology.
What is Blockchain Technology?
Blockchain technology is the peer to peer connectivity network that works on public ledger principal. Every digital information is shared within the public ledger network and can be accessed by every member of the network. However, no one will be able to make any changes in the information.
The cryptocurrencies are the first product of the Blockchain technology. The first Cryptocurrency that was introduced to the market in 2009 was bitcoin. The benefits of Blockchain technology are not limited to the Cryptocurrencies only, but it can also be implemented in several technological fields.
Let’s have a look at the fields.
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Cyber Security
We all know that blockchain technology was created for safer transactions. So, you cannot deny the fact that it can be used for online security purposes. With blockchain technology, you can be sure of one thing, that all your online personal data is safe and secure. In the blockchain network, the data can be encrypted by the owner only.
Blockchain technology was developed to limit access to others to the main data. This same principle is being used in the cybersecurity program. Cybersecurity programmers are using Blockchain technology to make the online experience much safer.
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Streamlined Financial information
International trade and their financial transactions are more complex than you can imagine. Every transaction goes through several third-party platforms, which increases the cost of the transaction, and take up weeks to complete one transaction. But with blockchain technology, you will be able to give a streamline to the transaction.
Blockchain helps the traders and investors to complete their deal with just a few clicks. The transaction takes up only a few minutes to complete. These transactions are supported by blockchain technology; every transaction goes through high-level verification.
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Improved online Marketing
Online marketing was able to understand the work of blockchain technology. Today, Blockchain technology is used rigorously in online marketing to make sure that the engagement companies are getting are actual people, not bots.
For instance, public relations firms use blockchain technology to measure social media engagement. While measuring social media engagement, blockchain determines which engagement is made by an actual audience.
Not only finding the credibility of the engagement but blockchain also helps companies with coherent content across all of their social media platforms.
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Increased in funding for blockchain Startup
Blockchain technology has given a new method of crowdfunding. ICO stands for Initial Coin Offering. It is a new crowdfunding method that has been used after the introduction of the Cryptocurrencies. In this method, people invest their Crypto coins into a new blockchain startup.
This method has helped many aspiring entrepreneurs to live their dream. ICO set a new record of crowdfunding in 2018, where it raised more than $3 billion.
Conclusion
The way blockchain technology is capitalizing in the market, makes you think the days are not that far when everything will be based on blockchain technology. Countries like Japan and South Korea have already experimented with blockchain technologies.
Video – Cryptocurrencies
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