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The internet has a short history when compared to the time
that we have had life on earth. But in this very short period
of time, it has taken mankind by a storm. There have been
several transformation on the way we transact, and
communicate since the time internet was developed. The
manner in which we maintain a record of transactions and
contracts create the basics of our economic, legal and political
system. These instruments help us in protecting our assets and
setting organizational boundaries. The record of every
transaction or contract helps in the establishment and
verification of identities as well as in chronicling events. They
oversee the interactions between nations, organizations,
communities and individuals.
This explains that they are extremely critical tools and they
must be managed very effectively and in a highly robust
manner to ensure that no one tampers with these records. We
have not been able to keep up with technology in the
management of these records. And at this time, while most of
the companies are looking for processes and methods and
some have even established certain tools that can govern the
management of such records; but for most part of it, these
records are still limited when it comes to their security and
management. In a world that is undergoing digital
transformation, the way in which we regulate and maintain
administrative control requires transformation too.
This is where Blockchain can help. The technology comes with
a lot of promise and it surely has the ability to solve a
number of underlying problems when it comes to the proper
administration of transactions and contracts. Blockchain is built
into the core of Bitcoin and is currently used by a number of
other cryptocurrencies as well.
The manner in which Blockchain works makes the technology
more viable for keeping a record of the transactions and
contracts. While the technology is still in its nascent stages, the
idea behind it is a powerful one and has found many
supporters.
Big companies around the world are trying to explore the use
of Blockchain and to benefit from what it offers. The financial
industry is not the only one that finds Blockchain to be an
interesting technology, other industries are also finding ways to
benefit from this technology.
Its transparency is the biggest reason why people find it to be
suitable for the digital world. The fact that Blockchain cannot
be easily tampered with makes it more alluring. Keeping in
mind that every transaction made in today's world comes at a
cost, the technology can help in the overall reduction of costs.
This makes the technology all the more promising for
companies who are continually looking for ways in which they
can reduce overall costs of the business.
This said, a lot of what Blockchain offers is yet to be
completely harnessed and utilized. Most companies are still in
the process of finding ways in which the technology can be
used, but its acceptance is not universal for now.