A blockchain is a list of data recorded using cryptography technology. This is a method of transferring information that can be accessed at any time, anywhere. The advantage to a blockchain is that the information cannot be altered or deleted without specific access/permissions. Each block of the information chain is embedded with a cryptographic hash, timestamp, and data from the previous block. Blockchain is inherently resistant to modification of data as it is a distributed ledger that records transactions or information between the parties in a permanent and provable way. Blockchain is a new type of internet that can organically distribute information and therefore, it can open new ways of information sharing that can be identified on millions of terminals with no fuss at all.

For instance, the use of blockchain in railway ticket booking can do wonders for the administration where the staff does not have to input and verify the payment details multiple times and the data such as ticket details and monetary information. The recorded data is trustworthy, unfalsifiable, and unique. The same can be implemented in other administrative operations.

The modern blockchain technology was initially designed to cater to the cryptocurrency but it is now perceived as a breakthrough in information transfer and transaction-based operations. Therefore, the global blockchain technology market is expanding its wings on a global level and it is being implemented in many industries including healthcare. It has a huge potential for transforming industries. Blockchain can transform the healthcare industry by 57 percent with an ability to eliminate non-value generating processes by 48 percent and heighten data security and integrity by 45 percent. Similarly, blockchain can reduce costs in sales and marketing by 25-30 percent, and 15-20 percent in IT and portfolio management.

Rising Technological Trends in the Blockchain Market:

Many industries are expected to roll out blockchain solutions in the upcoming years due to persuasive benefits of saving time, costs, and repetition of work. Here is a list of technology trends that are going to positively affect the global blockchain market.

• More Transparency and Fewer Scams: Any breakthrough technology attracts fishy miraculous solution providers and blockchain is not an exception. Such schemes and salesmen are going to vanish soon and the industry may witness bigger brands adopting blockchain in a more organic and pragmatic way. Brands such as Walmart are implementing blockchain to design and determine food safety standards. This appears like a regular tracking system but it can track the food items back to where they have been grown to detect anomalies, virus outbreaks, and more such information.

The same is being implemented by Amazon for Amazon Web Services (AWS) customers. The customers can take advantage of the technology in their own projects.

• Blockchain and Internet of Things (IoT): The blockchain is currently being used in IoT to protect the consumer data and devices. Blockchain can be integrated into IoT to facilitate machine communication as it can log and monitor commands, communications, and transactions easily which are beyond human capability.

In addition, blockchain provides an integrated security system that is not possible for hackers to crack at any level. Attackers will require heavy computing power just to force their way in one block or node. In addition, they cannot hack the whole network as the blockchain is decentralized.

• Blockchain Integration into Financial Industry: The mainstream global financial industry has been struck by the trend of blockchain and it has already started to transform the businesses. The financial industry has certain processes that require accessing and using the data to and from multiple levels. Here, blockchain plays an important role by eliminating the need for validating the data multiple times saving efforts, time and money on each level. Blockchain is going to be at the forefront of the next transformation of the financial industry after AI. It can facilitate trading programs like Bakkt along with innovative services, digital assistance, fraud-resistance currencies, and transfer mechanisms.

Better Future Opportunities

Despite being started in association with cryptocurrency, blockchain can offer tracking and management of investments in assets classes that were supposed to be a part of the traditional investment strategy and techniques. The biggest advantage of blockchain lies in the security of operations in the overall investment which can help in delivering a bigger slice of the pie to both new and well-off investors. In addition, the smart contract feature of blockchain technology reduces, and in some cases completely eliminates, the reliance on middlemen and brokers. As a result, the overall costs are lowered and the information is transferred only to the required personnel.

The true potential of blockchain is still not explored and even the current implications of blockchain will take some time to actualize. The technology is increasingly disrupting every industry and each one of them is finding ways to implement and reap the benefits of blockchain as soon as possible. Every effort from the industry is with common motives of gaining an edge over the competitors, providing complete customer satisfaction, and maintaining safety in the processes.

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