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Uncovering Blockchain's Potential, Revamping the Industrial World

By CIOReview | Tuesday, May 28, 2019

FREMONT, CA: The development of Blockchain technology has shown no signs of decline and is a definite trend that is continuing to grow. Blockchain's rapidly evolving technology holds great promise for game-changing disruption across a variety of industries and fields. According to a study by the Global Agenda Council of the World Economic Forum, approximately $20 billion in the gross domestic product is currently held, by the blockchain form. Moreover, projections show that the use of blockchain will increase significantly in the next decade as banks, insurers, and technology firms embrace the technology to enhance the speed and security of transactions and cut costs. This is already happening, with various banks, launching corporate venture funds to make equity investments in financial technology firms.  

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The blockchain's future is exhilarating. It can evolve several other industries beyond its use solely in financial transaction applications. Popular cloud-based storage services are centralized, around a single provider. A blockchain allows users to store data and information through a decentralized platform, enhancing security and reducing dependence on any provider.

The global research institutes and tech floors are continuing to investigate blockchain use. They are interested in messaging platforms that can transfer information through a secure decentralized protocol, among other applications. The idea underneath a smart contract is that it manages the fulfillment of the agreement on its own and is verified by the blockchain rather than by a third party. Two or more parties agree on terms, schedule those terms into the blockchain application, and permit payments and other transactions once the blockchain fulfils and validates the terms.

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The use of blockchain was once, limited to cryptocurrencies such as bitcoin. But now, along with private forms of transactions, this technology has proved its significance in anything that requires proof of identity, exchange of goods, or inspection of contract terms.