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Blockchain Technology: An introductionThe Blockchain is an encrypted, distributed database that records data, or in other words it is a digital ledger of any transactions, contracts – that needs to be independently recorded. One of the key features of Blockchain is that this digital ledger is accessible across several hundreds and thousands of computer and is not bound to be kept in a single place. Blockchain chain has already started disrupting the financial services sector, and it is this technology which underpins the digital currency- bitcoin transaction.
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Benefits of Blockchain Technology• Increased time effectiveness due to the real-time transactions |
Applications Of Blockchain Technology In Various IndustriesBlockchain technology can be utilized in multiple industries including Financial Services, Healthcare, Government, Travel and Hospitality, Retail and CPG. Financial Services: In the financial services sector, Blockchain technology has already been implemented in many innovative ways. Blockchain technology simplifies and streamlines the entire process associated with asset management and payments by providing an automated trade lifecycle where all participants would have access to the exact same data about a transaction. This removes the need for brokers or intermediaries and ensures transparency and effective management of transactional data. |
Key Challenges of using Blockchain TechnologyThe lack of awareness and understanding of the Blockchain concept and how it works are the key challenges of using Blockchains in industries other than financial services sector. The challenges associated with existing legacy infrastructure in organizations and lack of proper technical understanding are major hurdles to the adoption of Blockchain in the mainstream. Adopting Blockchain also require a cultural shift from the traditional ways of doing things, as it involves a major shift by decentralizing the whole process. Complying with the existing regulations and ensuring the required data privacy and security for the shared data bases also adds to the major roadblocks in adopting Blockchain. |
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