Top Reasons To Make Blockchain Investment A Priority
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It’s been over a decade that Blockchain made its first appearance alongside cryptocurrency Bitcoin. Over the past few years, the tech world has been buzzing with this new age technology, with some really important work going on in different sectors. Many have designated the technology as a disruptive force that will bring the next revolution after the internet. Market surveys have revealed a steep rise in Blockchain investments and the numbers keep ascending.
Amid all these developments, one truth still prevails that there is a lot of confusion surrounding Blockchain. This confusion and skepticism is the main hurdle standing in the way of Blockchain adoption. However, there is also an underlying curiosity among people about this new age technology and the ways that they can benefit from it.
In this article, we will focus on the positive sides of Blockchain and the prime reasons why one should consider investing in it. But first, let’s get through the basics of this distributed ledger technology.
The History of Blockchain Technology:
For a better understanding of any subject, it is best to start from the beginning. The idea of Blockchain originated in the early nineties. Stuart Haber, a mathematics graduate from Harvard and W. Scott Stornetta, a Ph.D. holder in Physics from Stanford University were the first to start working on Blockchain. That’s why they are considered as the founding fathers of the technology. The duo was joined by another Harvard Graduate with a Ph.D. in mathematics, David Allen Bayer. Together with the three continued with their work related to Blockchain and went on to creating Hash Trees that would allow multiple information to be stored inside a single block in a Blockchain.
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The next that Blockchain made its presence felt in the tech world as in October 2008. An individual or organization calling themselves as Satoshi Nakamoto introduced Bitcoin, the first-ever cryptocurrency by publishing the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. The crypto was built upon Blockchain technology. The concept was to eliminate any third-party involvement in online transactions. Both Bitcoin and Blockchain piqued the interest of people and gradually the later started disrupting one industry after another.
Why one should invest in Blockchain Technology?
Over the years Blockchain has left a positive impact on all the sectors that it has been incorporated in. Even though we are in the preliminary stages of adoption, it has shown promise for a more technologically sound future. So, here are a few reasons why one should prioritize investing in Blockchain technology.
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Blockchain is a disruptive force: Just like any other technology, Blockchain can be adopted by almost every industry in existence. Technology, like everything else, keeps evolving and Blockchain is just a part of that process. The salient feature of any new technology is its ability to get integrated with legacy systems. The foundational idea behind Bitcoin, the first successful adoption of Blockchain was the creation of cryptographic proof instead of trust in a transaction. The automated proof-of-work of Blockchain has no limit when it comes to application. The long list of Blockchain use cases includes Banking and Finance, Online identity creation and verification, Insurance, Transport, Health Care, Pharma, Cyber Manufacturing, Agriculture, Fashion, Diamond, Food, Gaming and many more.
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Best Time for Technology Upgrade: There comes a time when change and upgrade become the call of the hour. The existing systems across domains have become riddled with multiple issues. There is an increasing lack of trust among business stakeholders. The present system of supply chain management needs improved traceability and transparency and there is a demand for increased visibility and real-time provenance.
Other issues include wastage, lack of system efficiency, tedious and time-consuming processes, etc. All of the above-mentioned problems lead to errors, lags, and frauds. However, Blockchain has a solution for each. It comes with immutability, enhanced security, instant processing time and cost-effective strategies that can be highly beneficial to companies across domains.
Read More: Blockchain can improve the transparency of Supply Chain in the Food Industry
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Blockchain is still Evolving: Now is the best time to invest in Blockchain as the technology is still in its budding stage. Since inception, it has been constantly evolving trying to accommodate the need of the hour. It has shown the promise of exponential growth and development in every sector that it has been tried in. Experts believe that future systems will be built upon Blockchain and it will integrate with the existing to become something better.
Conclusion: If you are thinking of incorporating Blockchain in your line of operations, then choosing the right vendor who will provide you with the required assistance is very important. Otherwise, the investment will hardly bear any good results. The vendor you choose should specialize in Blockchain and have fair contributions to the open-source Blockchain community.
Staying up to date with the latest technology is the key to success in this digital era. Considering that Blockchain has started the ongoing technological revolution, early investment and adoption can benefit businesses small and big alike.
