The term Blockchain became popular after the release of its first application bitcoin. Since then, Blockchain has grown into something much larger and complicated than just cryptocurrency.
Now a series of interconnected databases, Blockchain has spread across the world and is on the brink of starting a new industrial revolution, with Blockchain technology at the forefront.
In the few years it has been around, Blockchain has outgrown its roots in bitcoin, and caused breakthroughs in the finance industry, tech industry, healthcare industry, and much more.
Business leaders around the world are now beginning to speculate over whether Blockchain technology has the potential to become the new internet and overtake current tech leaders such as Google, or apple. The prospect of Blockchain bringing about a new industrial revolution continues to grow larger by the day.
But to know whether or not Blockchain is the start of a new industrial revolution, we need to understand what Blockchain is, what it’s used for, and why it has become so fundamental to businesses everywhere.
What Is Blockchain?
In its simplest form, Blockchain refers to a list of records and transaction ledgers – referred to as blocks – that are stored, linked, and organized together through the use of cryptography. All the database blocks are linked together using a chain network.
Blockchain supervises all transactions done within the network and does this without the need for any third-party interference. This creates an environment of trust for Blockchain users, as transactions are safe, secure, and legitimate.
It is this trust, among other factors, that sets Blockchain apart from the technologies that came before it. Businesses can now perform transactions online with little to no supervision, and be 100% sure of the safety and legitimacy of their documents.
Apart from this, Blockchain has opened new doors for businesses with its revolutionary technology. But, how exactly can Blockchain assist you in your business this 2021, is it a dying technology, and what gives Blockchain the potential to lead the new industrial revolution?
What Can Blockchain Do For Your Business?
So you know what Blockchain is, but why are so many businesses suddenly rushing to invest and become a part of this technology?
Blockchain provides businesses with a trust system that negates the need for third-party interference. This allows for fast and efficient transactions. Blockchain also ensures that no one can alter data that has been entered into the Blockchain database. This removes the risk of fraud and falsification.
One thing the internet lacks a decentralized system. Blockchain gives you this and ensures that no individual can ever have full control of the Blockchain network. Instead, data is shared and seen by everyone.
Blockchain Applications for Business
People often make the mistake of limiting Blockchain to the finance and technology industry. But, Blockchain can assist you in any business you have.
From healthcare to government, to marketing, Blockchain provides you with the right level of transparency you need to run your business. Blockchain also makes sure all your information is stored, organized, and monitored using its top-quality database.
Your business’s safety is also protected with Blockchain. With Blockchain, all business transactions can be performed online seamlessly. This makes for an extremely efficient workplace.
For businesses looking to implement Blockchain, ethereum is a great Blockchain application used by most big organizations. It is by far the most developed and efficient Blockchain application existing. For new businesses who don’t know how to buy ethereum in Nigeria, ethereum can be purchased online and used as the foundation of your business network.
Bitcoin and Blockchain
You cannot talk about how revolutionary Blockchain technology is, without discussing the application that started it all. Blockchain began with cryptocurrency as a way to make online trade more efficient. But the technology showed lots of potential in becoming something much bigger than just online currency.
Bitcoin however continues to remain popular worldwide, with young people and even undergraduate students taking an interest in this new money-making venture. Bitcoin provides an easy way to make and trade money anonymously online. Bitcoin money can easily be converted from bitcoin to naira when you need it.
Bitcoin technology has forever revolutionized online trade. If you plan on investing in Blockchain, bitcoin should be a serious consideration as well. Businesses stand to make lots of money from this relatively new currency. Bitcoin trade in particular comes with lots of profit, and businesses could decide to invest in that as well. Businesses looking to invest in the Bitcoin trade could try buying cryptocurrency on the Vertex market and selling to other businesses and entrepreneurs.
Could Blockchain Technology Pose A Threat To Current Tech Giants?
Yes. Blockchain definitely possesses the power to overturn the current ranking in the tech market.
As Blockchain grows as a worldwide technology, only businesses who invest in it and make good use of it will grow as well. This means that current tech giants (such as Google, Apple, Facebook, etc.) need to invest in Blockchain now, or they risk being overturned by upcoming organizations.
Like with all revolutions, new powers are bound to rise. And if Blockchain succeeds in bringing about an industrial revolution, many leading tech giants of today will be swept behind to make room for new businesses.
Is Blockchain Starting A New Industrial Revolution?
Possibly. Business experts and leaders around the world continue to comment on the revolutionary qualities Blockchain has.
For the business world, Blockchain presents us with a set of possibilities we never knew were possible with the internet we have. It has opened new doors of opportunities in the tech world.
All great revolutions begin with a revolutionary invention, and Blockchain may just be the invention we need to push the world into a new technological age.
All in all, Blockchain continues to dominate the world of tech. With its decentralized system and secure database chains, this new technology promises to be the internet of tomorrow.
Blockchain has introduced so many new features that were never possible with our present internet. More business leaders and industries are investing in Blockchain as it continues to expand and grow every day.
The possibilities it holds for your business in 2021 are truly endless. In all ways, Blockchain has started a new type of revolutionary technology. And the prospect of Blockchain technology leading the reigns of a new industrial revolution is becoming clearer day by day.
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