Blockchain technology has revolutionized government, finance, insurance, and personal identity security. By 2025, it’s predicted that corporations will be spending $20 billion annually on blockchain technical services. Tech giant IBM is investing more than $200 million in research and over 90% of European and US banks investigating blockchain options.
Although only taking the world by storm over the past few years, blockchain technology is already on its way to becoming a legitimate disruptor in a slew of different industries. So what exactly does blockchain accomplish to make it so popular?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets across a network. An asset can be tangible (e.g. a house, car, cash, or land) or intangible (e.g. intellectual property, patents, copyrights, or branding). Anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Blockchain technology is revolutionary because it allows businesses to receive information faster and more accurately. It provides immediate, shared, and transparent information stored on an immutable ledger which can only be accessed by permissioned network members. Blockchain’s ability to track orders, payments, accounts, and production, while giving members trust and transparency into their transactions is what is makes it so groundbreaking.
One of the most appealing attributes of blockchain technology is its built-in smart contracts. Smart contracts speed up transactions by essentially providing a set of rules stored on the blockchain that are executed automatically and have the ability to define conditions for things like corporate bond transfers, or terms for insurance.
Although blockchain technology has arisen to rapid expansion and popularity, the space is still not without its problems, particularly with the incidence of crypto frauds like rug pulls and exit scams. Exit scams…
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