It is not surprising to see this revolutionary technology – blockchain – making waves in the IT industry and touching almost every aspect of the business world. Not for nothing, this futuristic technology is gaining acceptance within industry experts. So what is so special about this technology that has taken not only the IT industry but the entire world by storm.
Let’s have a look at the key features of Blockchain technology because of which it is becoming popular every day. But before that let’s have a look at the definition first –
Blockchain technologies are essentially a “decentralized” databases, which allows the processing and storing of confidential information to transpire on a peer-to-peer network. But what does that mean? Well it means that there is no centrally controlling authority managing the data and everyone on the network can see the transactions thus there is a guarantee of accuracy.
Another reason, why blockchain technology became favorite with patrons is because it cuts down the cost of middlemen like banks, authorities or agencies effectively.
Now let’s take a look at prominent features of Blockchain technology because of which it is becoming popular with the world.
- Decentralization
- Transparency & Trust
- Immutability
- High availability
- Highly secure
- Simplification of current paradigms
- Faster dealings
- Last but definitely not the least cost saving
The above-mentioned features made the blockchain technology the favorite technology. There were few industry experts who were doubtful about blockchain technology becoming the future of technology for the reasons mentioned below. Because let’s face it there are always two sides of a coin so if there are benefits there will be disadvantages as well.
- Lack of scalability factor
- Lack of adaptability issue
- High energy consumption
- Quite immature technology – one that needs lots of work to be fully accepted by the industry veterans.
- Lack of privacy.
The last one is quite ironic but it is the fact. While the blockchain technology claims to be one of the secure technologies with all the cryptograph signatures and all the fact remains that every transaction is out there for everybody involved in the transaction. So there in no privacy as such and people can see what all has been entered in the block.
Other than that high energy consumption is the another issue/drawback that can be the reason for industries wary of accepting blockchain technology. High energy consumption can be the other obvious reason why certain industries are still wary of this technology.
But, and it is a huge but here because despite its limitations there are few companies/industries that are betting on blockchain technologies to become the future technology that is going to rule the world. Here is the list of those industries –
- Banking
- Music
- Online betting in the sports
- Voting
- Government
- Healthcare
- Education
- Pharmacy
These are just a few being mentioned here to let you know that the future of blockchain technology is bright, in fact really quite bright. It is interesting to note that the way organizations are lapping up this technology because it offers them a solid solution to their ever-growing problem of security – a problem faced by numerous organizations across the various sector.
Each of the industries mentioned above have found blockchain technology to be quite useful to their respective work areas. So it is a matter of time before blockchain technologies will rule our world with an expert precision. Whether it is to record the patient data in a healthcare sector to know about the benefits of certain medicines this disruptive and revolutionary technology known as blockchain technology is going to rule the future.
Olivia Wilson
