3 Reasons Why Blockchain Investment Should be Prioritized
It is true that blockchain has come off the block like a major disruptive idea. For many the idea is still new and comes like a sudden rush of possibilities with the heavy weight of the possibilities and scope it offers for its clients. Even after being completely aware of the capabilities and strengths of blockchain technology, it is true that some people are still not confident about the capabilities of blockchain. The readers would be interested in knowing more about the pros and cons of blockchain.
Some of the most important points which should be considered are:
☛ Realizing the true intent of blockchain:
Blockchain right from the point of inception of this concept has always been under speculation for not being a very reliable technology. However, one should understand that in simple terms blockchain is a very reliable platform rather than being something like a snake oil like product. The initial work on blockchain technology was initiated by Stuart Haber from Harvard and W Scott Stornetta from Stanford University. When they started their work, they simply wanted to create a platform which would be available to store data blocks in cryptographically secured chain of blocks with irreversible timestamps. It implied that any person who would be transacting on the network would be captured as hash stamps. Such stamps would be immutable and would be passed over to the next block.
☛ The mystery of Satoshi Nakamoto:
The name itself is quite mysterious considering the fact that this is the person who in a White Paper written in the year 2008 described the purpose, structure and integral nature of bitcoins. He also emphasized on the fact that blockchain could be implemented in a number of industries.
◉ Some of the Major Reasons Why Blockchain Investments Should be Mandated are:
The flexibility of blockchain with almost every industry which works on network and trust: Blockchain is fundamentally safe and secure, making it one of the most flexible platforms which can be used with any industry which is dependent on trust. Blockchain is decentralized and works on a continuous ledger which records every transaction. The blockchain network is immutable, which means that a transaction once recorded cannot be reversed and the identity of the manipulator can be located.
Some of the top integrators of blockchain are:
☑ Diamonds
☑ Online gambling
☑ Agriculture
☑ Air travel
☑ Food service
☑ Gaming
☑ Banking
☑ Hedge Funding
☑ Online identity and DNS
☑ Ride-sharing
☑ Health services
☑ Waste management
☑ Trucking
☑ Pharma
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◉ Most companies stand out as the best candidates for blockchain:
It can be mutually agreed upon between our readers and corporate decision makers that a single source of truth is unparalleled. Today, such a single source of truth needs to be distributed between the different shareholders and business stakeholders. A blockchain would enhance the trust factor and mutual understanding between the shareholders, decision makers and other stakeholders. It also provides transparency and trust right from the source of truth to the end. Blockchain offers unparalleled reliability and trust for the users.
It is estimated that UK based companies lose around 1.5 Billion pounds to follow up on logistics, email communication and phone calls. The entire exercise of unmanaged work processes eventually lead to a waste of man hours. When one does a post mortem on such resource wastage, he would understand that key players in the work chain get involved in unproductive activities. For example, if a front line manager spends a lot of time over the phone or email, it is expected that he would be losing a substantial amount of his productive time. When multiplied by the man hours and the productivity lost, it comes to a sizeable monetary value.
◉ Blockchain is a highly evolving technology:
The blockchain is a constantly evolving technology which has literally transformed the entire ecosystem of digitized networks. Today, the entire ecosystem of digitized businesses is witnessing a rapid transformation with the implementation of blockchain technology. Smart contracts, digital wallets, crypto currencies and a host of other blockchain enabled features are bound to make blockchain more powerful. At this point of time, it is simply impossible to think of any other technology which can replace blockchain.
