You’ve probably heard of ‘blockchain’ or read about it a couple of times due to the rising value of Bitcoin near the end of 2017. But, have you ever tried to learn more about it and how it works? Read more because this blog will explain what blockchain is and why you should invest in it.
Blockchain vs. Bitcoin
Whenever we talk about bitcoin and blockchain, people would think that they are the same because bitcoin was the first ever application of blockchain. However, it should be noted that Blockchain and Bitcoin are two different features in the world of peer-to-peer transactions.
Bitcoin is the digital currency that operates cryptocurrency and it is being managed by the decentralised authority unlike the government-issued currencies. On the other hand, blockchain acts as a ledger that records all the transactions that are taking place.
Investing in blockchain
For many technology companies, blockchain is essential in utilising cutting-edge tools that can be used to increase operational efficiency, organize costs, and simplify advanced supply chains. This is the reason why more and more technology giants opt to create and market their own blockchain “packages” or BaaS (blockchain-as-a-Service).
Blockchain can reduce human error and avoid waste due to outdated information. It can also protect companies against fraud and theft and increases the accuracy of shipment tracking industry-wide. These efficiencies can produce cost savings all throughout the chain, leading to an increase in profits.
The Indian local market has experienced a high demand for blockchain based solutions after rampant hacking incidents have plagued their leading banks. Financial institutions, fintech companies, entrepreneurs, governments – all of these institutions find that the blockchain technology is the best alternative and revolutionary technology available to date.
As more and more countries felt the clamor for a more efficient digital security measure, the blockchain technology is expected to go mainstream in a couple of years. Many startups across the globe also started to build applications using the blockchain technology, making their transactions secure.
With the current pace of its growth, blockchain technology is expected to change the world of finance and technology in the future. As more companies, especially in the financial domain, have already explored this as an alternative method, a huge number of startups will eventually implement this technology. The search for “blockchain” has even increased by 1900 percent since 2013 on Google.
More entrepreneurs, startups companies, investors, fintech companies, industries, and governments are now moving forward with blockchain, the most reliable and efficient technology to ever penetrate the global market.