We are surrounded by different sets of technologies and among all Blockchain technology is really creating a stir in the market.
I remember the very first time I heard of Blockchain technology, it seemed to me a unique but strange technology. But as I got to know more about it, I fell in love with every bits and piece of it.
Now my observation about this very technology suggests: (please read below)
Blockchain can enrich apps with numerous mind-blowing advantages. The USP of this technology is that it has eliminated the uses of any third party or intermediaries in the process.
Reinforcement, reliance and high level of security are the key factors that draw the attention of the users towards it. It also builds up confidence amongst the organizations while performing any transaction.
Although Blockchain technology still has to cover miles of distance to reach in every sphere of the world its usability is unquestionable…
That is enticing, isn’t it???
Well on the other hand, if I have to give crisp information about Blockchain. Then it would be something like this…
Blockchain is that technology, allowing individuals and companies to share their data, information without any hassle involved.
It allows the organizations to reach agreement on and permanently record transactions and information. There s no glitch to be experienced, as it is free from any hidden expenses and runs without a central authority.
Today this technology is the prime reason behind a fair, inclusive, secure and democratic digital economy.
Well, this is the basic information about Blockchain, but one question til remains intact.
Why is it the future of digital payment?
Hmm, a very valid question and that is surrounded, and trust me there are multiple reasons behind it.
Do you want to know what all it takes this technology to be the future of digital payment?
Then keep scrolling this post further…
Allows Cross-Border Payments
The cross-border payments are something common and happen on a daily basis. This can be done on the individual and official level, but no doubt the cost and other transfer value involved with it, are super expensive.
This largely happens when multiple currencies are involved, and this brings the inclusion of multiple banks in multiple locations across the globe. And once this all takes place, then only the recipient gets the money.
Ouch, such a long process!
Yes, and these longer processes, involve multiple other aspects as well, to facilitate the services to us.
This all makes the process tedious and expensive as well.
Here Blockchain technology cuts the excessive lengths and provides a faster and cheaper alternative to traditional cross-border payment methods.
Henceforth blockchain has turned out to be a promising technology here, helping the easier process for the cross-border payment.
Smart contracts are one of the most and highly powerful functionality of blockchain technology. Now you must be thinking why?
So let me tell you eventually it is a combination of computer programs that can take care of every inch possible of your agreement, ranging from facilitation to execution.
And you don’t need some specialist guidance to make it work, rather you just need to follow some conditions. As a consequence, you can let it go self-executed and self-enforced
Efficient supply chain
A well-functioning business is the outcome of well-managed services. And these managed services can only be attained when you have an efficient supply chain system.
Many businesses throughout the world today are facing the brunt of pandemic and this has reduced the number of physical employees on the floor.
This has given a hard time for the stores to manage their supply as no one is there to keep a tab on the services.
However, with technology like Blockchain, it becomes a cake-walk to keep a tab on supply chains and ensure efficiency.
No doubt, it eliminates human efforts and further smoothes the complex and crucial process of supply management.
What the future holds?
Hold your breath!
It is stated by the International Data Corporation (IDC), that IoT companies have witnessed the potential of blockchain technology. And this has led them to imply this very technology within their solution as well.
As reported by IDC 20 percent of IoT deployments will enable blockchain services by 2020.
But wait there is something more cooking out there!
Yes, the tremendous benefits offered by Blockchain have given rise to different industries and businesses embracing it.
And in the near future, there will be something more engaging that can bring more convenience to our lives, will be coming sooner.
Food for thought
Blockchain technology has the potential to offer a secure and scalable framework for communication between two parties. And the modern security protocols, are already offering it a high resistance to cyber-attacks.