Deciphering the Potential of Blockchain Technology

Blockchain- isn’t it one of the most disruptive techs that have emerged in the last couple of years?

Its evolution is dauntless and empowering- geared to aid businesses to change the face of their monetary transactions by incorporating consensus, transparency, and the highest degree of security. Blockchain can cut intermediaries and automate business processes to sidestep discrepancy and create a more reliable, trust-oriented digital ecosystem.

Though there is always some hoo-ha about the practical employability and real-world application of Blockchain beyond Bitcoin, its potential has never been ever disregarded. Slowly and steadily, the world is being open to Blockchain innovation and exploring possibilities to transform their business aspects for the better. In fact, Forbes Global 2000 list is a proof that not only innovation-enchanted startups but several top companies like Microsoft, Oracle Corporation, Alphabet Inc. and Walmart are keen to delve deep into Blockchain arena, to remove possible friction from business operations and hunt new economic opportunities. It is also pacifying to know that tech futurists aren’t hesitating to propagate the power of this technology-

As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”, says Ian Khan, CNN Featured Technology Futurist and TEDx Speaker.

“Blockchains are new technology layers that rewire the Internet and threaten to side-step older legacy constructs and centrally served businesses.”, says William Mougayar, author of The Business Blockchain and venture investor & analyst.

Blockchain- The Gateway to Limitless Possibilities

Most of the time when people raise a voice in the favor of Blockchain innovation, they promote it as a consensus-driven, decentralized, and distributed ledger whose append-only nature makes it exceptionally suitable to store digital assets, important data, or contracts on the Blockchain. When used with a open mind and strategic approach, this technology can revolutionize banking, asset management, digital identity management, healthcare, legal sector, and many other industry verticals.

For a newbie tech-lover, this intro would suffice, as this pretty much sums up the potential of Blockchain. But for enterprises wanting to leverage this fresh breed of technology, knowing its interoperability with other modern technologies is no less than an obligation. Businesses that aim to make it big and witness a paradigm shift need to understand how they can synergise Blockchain with other powerful technologies to exploit its true potential. To make this point clearer, we have some freshly-brewed content for you- have a read and learn the potency of Blockchain better-

Blockchain & AI

Blockchain & Artificial Intelligence can be deemed to be a meld of infinite possibilities. Both of these cutting-edge technologies are ideal to craft a decentralized computing future- they can together supplement and enhance each other to improve efficiency, provide deeper insights, and put accountability first place. This will also lead to newer insights & discovery and simplify making accurate decisions on the fly.

Blockchain & Virtual Reality

We get it- the nature and temperament of these technologies do not exude much camaraderie, but that’s where you are mistaken. The intersection of Blockchain and Virtual Reality is something you need to watch for.

There are many justifiable use cases where Blockchain and Virtual Reality come across as a meant-to-be kind of match. From storing content created for VR safely to protecting the copyright material, forming research projects, and creating almost unlimited virtual worlds, Blockchain & VR as a duo can bring several possibilities to reality.

Blockchain & Cloud

Blockchain and Cloud can be the two key ingredients of the success recipe. You can think of re-inventing cloud via Blockchain- imagine the creation of Decentralized applications (DApps) that run on Blockchain to render a seamless, secure, scalable and easy access to computing resources as per the user requirements.

Simply put, bringing Blockchain in the picture can streamline the delivery of services on the Internet and make it way more secure than the traditional processing. Taking Blockchain to the cloud will spin up the existing system and shape up a more efficient cloud-based work environment.

We at Studio Fintech are fascinated by Blockchain development and FinTech technologies. We are among the industry-leading names that love to develop, launch, and invest in inventive Blockchain & Fintech products. By far, we’ve delivered several successful projects and helped our clients simplify online transactions and streamline their business processes. If you are planning to uncover how these techs can transform your business dynamics, do connect- we would love to lend insights and build for you goal-oriented and robust Blockchain innovations. Drop us a line here!

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