Published on November 23rd, 2021 📆 | 6270 Views ⚑0
What is Blockchain Technology? All You Need to Know for Sure
by Analytics Insight
November 23, 2021
Blockchain is a digital ledger system that records information in a secure way that makes it impossible to hack or tamper with. The transactions are duplicated and distributed across a huge network of computer systems on the blockchain. This new disruptive technology is impacting the banking industry by reducing foreign exchange charges and hidden fees involved. The cybersecurity industry is also witnessing a shift with blockchain by ensuring our data is safe against unauthorized access and tampering. The healthcare industry is witnessing transformation with regards to disease diagnosis as blockchain is helping in easy access of data. Blockchain technology is also helping workers distinguish between counterfeit medication.
The following are the important trends of blockchain technology:
• Supply chain management: Organizing supply chains and keeping track of the flow of goods and logistics requires many complicated procedures. With its distributed ledger system, blockchain can record and store large volumes of data to keep track of every single detail.
• Leveraging DeFi: DeFi is rapidly gaining popularity as blockchain is providing several opportunities to stock and fund markets. Many DeFi tokens are using blockchain networks to operate in the market.
• Powering CBDC: CBDC’s are digital coins backed by central banks as a reply to cryptocurrencies. Blockchain technologies are powering CBDCs to bring the power of assets back to central governments
• Introduction of Blockchain as a Service (BaaS): Numerous enterprises and startups are embracing this new technology trend. BaaS is a cloud-based service that allows users to develop their own digital products with blockchain.
• Secure content streaming: Content streaming on OTTs like Netflix and Hulu increased because of the pandemic and its future is headed towards secure user-data storage on the blockchain network.
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