Blockchain technology has been the center of attention around the globe in the recent past. Just like how the internet had taken the world by storm. Then with that, the internet became a service and was publicized and privatized, and sold. Many corporations are now standing on this one invention into any further tech inventions through the internet, the internet has amassed the world within it, especially is the case with big names, selling to many and becoming a top favorite too. Here it is referred to as one of the best names in the market with Xfinity, having such a huge market that may soon also be invested in blockchain, however, the internet is all prevalent and with Xfinity wifi plans, many homes and businesses are working towards a virtual future which requires the use of blockchain.
Want to know what it refers to and will mean for us? Read this article to get a clear preview of the knowledge of this technology.
This technology has seen massive growth since 2019 and is predicted to continue growing at an even higher pace till the year 2025.
How did it originate?
A few years ago when this technology came out, it was not given a warm acceptance due to the fact it could only be paired with cryptocurrency having it undergo many limitations.
Now that it has a wider portfolio and can support the decentralization of data in different forms and provides a convenient approach for access to various applications, the advanced technology is now being welcomed with positive approaches.
Purpose of Blockchain:
Following are a few functions that can be performed with the assistance of Blockchain:
- Joint Networking
- Combined distribution of data to involved parties
- Authenticity and security of digital ledgers
Blockchain technology can share and distribute data or information across all involved entities of a specific ledger. It is kept safe and secure without the risk of being hacked. Any queries of people regarding the decentralization of data and how it can be used are eliminated by implementing Blockchain. Whenever the ledgers are at any risk of being accessed, all concerned parties will get an instant alert and even if the hacker manages to hack into the accounts, they will automatically reset. This technology has a clear vision as it aims to provide a secure and confidential as well as a combined database where all the files, contracts, or any inside information for a firm can be stored. This approach will keep the information safe from any kind of tampering or deletion. Blockchain, having all these benefits will be very costly as well and only the top firms will initially be able to implement it in their operations.
Penetration in the Long-run:
This technology was brought up to ensure the safety and security of a company’s records in the long run. Where the data could be retrieved instantly whenever required. The built-in algorithms would help determine the information that needs to be extracted at a specific date or time. This technology would create a world full of convenient transactions whether they are in the case of individuals, companies, or even machines created to work. The boundaries and constraints would be easily removed due to the ease of access and security of the data.
Disadvantages of Blockchain technology:
Along with the convenience, this technology will have a lot of potential barriers which would have to be overcome for availing the complete benefit of this technology. Some of these limitations are as follows:
- Barriers to command
- Barriers to automation
- Barriers to entry
- Executive barriers
If the blockchain technology is to work up to its full potential, all these barriers are to be eliminated or else there will remain constraints in the technology bringing a gap in its efficiency.
Implementation of Blockchain:
As mentioned above that it is a big investment to apply blockchain in your organization, the pros and cons are to be thoroughly examined and any ambiguity regarding the technology should be cleared beforehand so that it does not create any mismanagement in the future.
So, to implement the strategy of blockchain technology, we must wait for the revolution of cryptocurrencies. Doing such an act without the awareness of people and their dependability upon the manual transactions and interactions can result in a huge risk. This risk is further associated with a huge number of accounts as one blockchain is responsible for millions of ledger accounts.