WHAT IS BLOCKCHAIN?
Was introduced in 1991 as a way to ensure security and to store data in digital form and was introduced in the tech world in 2009 by an anonymous developer named SATOSHI NAKAMOTO. He introduced bitcoin with the help of blockchain. To explain to you about Blockchain let’s look towards an example (Like in a store the accountant appointed there has all the information regarding records such as where the goods come from. How much does it cost? And where was it delivered?
So all the records saved in a written form booklet are known as a ledger, so it is also the same digital ledger where several parties or groups can access it and each piece of information in it is made up of a single block. It is a decentralized and public ledger used to keep up the records regarding the transaction which is quite difficult to alter or edit. It is a P2P(PEER 2 PEER) network that allows all the digital currencies such as cryptocurrencies to be transferred worldwide without any sort of interference or problem, and also does not require any central server.
It uses technologies such as HASHING (the process of changing any sort of given string of character into fixed length value) and ENCRYPTION to provide security to the data and it is mainly dependent on the SHA256 algorithm.
Read More: Blockchain Technology
WHY PEOPLE ARE SHIFTING TOWARD BLOCKCHAIN
Nowadays due to the growing awareness of the community regarding blockchain, people are now accepting that Blockchain is much safer and more reliable than others. For storing information it is far better than a Database system because blockchain offers more speedy performance and cost saving, and it allows real-time tracking and there is no involvement to the middleman, so due to this the cost of transferring items can be reduced and provide a secure network.
BLOCKCHAIN FUTURE UPGRADINGS IN 2023-2024
DIGITAL VOTING SYSTEM:
The traditional way of the voting system is first the voter has to register his voting status by using and sending it through SMS to IA( IDENTIFICATION AUTHORITIES). Then the voter is bound to go to the polling station physically to cast his vote. Staff appointed by the government is responsible for the counting of votes, and sometimes the counters can show Dishonest behavior and can post these votes to the government party they are supporting, so to avoid this scam with the voters, Bitcoin is going to introduce a Digital voting system.
Voters connect to the blockchain via an App for digital voting. An interface will be shown where the user will list his information such as User ID, and vote to which government party. The vote will be cast using a vote coin after gaining all the required information. Then BLOCKCHAIN sent the vote cast to the VMS authorities.
GENERAL MEDIA:
Many media companies are already using Blockchain technology to eliminate fraud, reduce costs, and protect intellectual property rights. The global market for Blockchain in media and entertainment is estimated to be 1.5 billion from 2023-2024.
TICKETING:
Event hosting is a growing industry and a massive amount of people book their tickets to participate in it. But to book tickets physically it is quite hectic to stand in long queues for their turn and they demand high fees from the customers also sometimes it results in fraud or in the secondary market. So Bitcoin is going to introduce (BLOCKTIX) for event ticket distribution with 80% of reducing the cost to generate more profit. It will also use a secure method to transfer the tickets and you from fraud and scams nowadays. You can pay the number of tickets using digital currencies.
Moreover, in 2023 the BEAR MARKET will be finished. This will show the storm sign of recovery by Blockchain even in a lot of difficult times, and it will help investors and traders to boost their performance in the coming years. This ensures more businesses join the crypto ecosystem in 2023.
REAL ESTATE:
Blockchain is also going to enter real estate which will allow customers to buy real estate in a much easier way. A buyer could easily source and deal with the investors directly using Blockchain and schedule in NFT-based smart (digital ownership to physical properties).
HEALTH CARE:
The blockchain digital ledger technology will keep the patient’s medical records, and it will manage the medicine supply chain. Moreover, it will save the financial statement in hospitals and will help you to save the cost and minimize the transformation of data.
EXPANSION OF WEB 3 DEVELOPER TOOL STACK
TYPES OF BLOCKCHAIN
PUBLIC BLOCKCHAIN is where everyone has the right and easy access to participate in all activities of its network. Everyone in it can read, write, and inspect the outgoing activities on this Public ledger.
EXAMPLES: * BITCOIN
*ETHEREUM
*LITECOIN
PRIVATE BLOCKCHAIN: is one in which some specific or chosen community can use it. It can easily scale business requirements because there are fewer nodes on the network.
EXAMPLES: *HYPER LEDGER
*ETHEREUM
*ENTERPRISE
*RIPPLE
*CORDA
FUTURE OF BLOCKCHAIN
It is clear that the future lies in Blockchain technology, because of its security level which is very difficult to alter or to put any changes to the information that is saved in the Blockchain ledger, it helps to prevent fraud and any other sort of unauthorized access. Moreover, it provides greater transparency as it uses a distributed ledger in which all records are saved in multiple locations. All transactions are recorded with date and time stamped.
On the other hand, it increases the speed and efficiency compared to the database( as it is time-consuming, has a great chance of human error, and quite heavy paperwork is required in it) but by using blockchain these problems can be sort off as it increases efficiency and speeds up the process as no need of reconcile multiple ledgers. Many industries are also getting benefits from blockchain such as supply food chain business as blockchain brings better relationships between the traders and provides end-to-end visibility. Healthcare industries also get many benefits from it as they are able to save information regarding the patient with much security. They are also easy to share with researchers, providers, etc.
By looking at this we come to know that the blockchain is been able to create a great impact today and it is fully sure that it will even create a bigger impact in the future.
TOP # BLOCKCHAIN COMPANIES
COINBASE GLOBAL INC:
One of the biggest blockchain companies that were founded in 2012 and based in San Francisco and California.
*REVENUE (TTM): 5.1 BILLION
*MARKET CAPITALIZATION (MARKET CAP):$9.05 billion
*ONE YEAR TRAINING: 84.29% of total return
*NET INCOME (TTM): $1.2 billion
CANAAN INC:
This is a Chinese company established in 2013 by N.G Zhang Canaan. It had the honor of inventing the first world ASIC-powered bitcoin in 2013, catalyzing the growth of the mining sector
*REVENU (TTM): $947.5 million
*MARKET CAP: $420.9 million
*NET INCOME(TTM): $355.3 million
*ONE-YEAR TRAINING: 55.4% total return.
GALAXY DIGITAL HOLDING LTD (BRPFF):
was founded in January 2018 by Micheal Novogratz having headquarters in New york city. It provides a financial solution for increasing the digital asset of the ecosystem.
*REVENU (TTM): $457 million
*NET INCOME(TTM): $682.6 million
*MARKET CAP: $310.4 million
*ONE-YEAR TRAINING: 82.9% total return.
FUTURE OF BLOCKCHAIN IN THE FINANCE
As per the PWC report, it is claimed that 78% of financial institutions are moving towards the blockchain.
INTERNATIONAL MONEY TRANSFER:
Nowadays, transferring money to other countries takes a lot of time and faces a lot of challenges. (REMITTANCE FEE) is when the sender sends money to the sending agent and pays the charge fee for currency conversion. The global average cost of remittance fees is 65%, but by using blockchain this process can be faster and also can be much more cost-saving.
MINIMAL FRAUD AND HIGH SECURITY:
As many people send payments online, there is a high chance of getting scammed. As in financial industries, there are many intermediaries through which your payment is to be passed so it has a high chance of scamming, but in blockchain, there are no intermediaries so it is much faster and cost-saving and also provides a lot of security.
FINANCIAL INCLUSION:
Blockchain’s low cost allows startups to compete with the central banks that are promoting financial inclusion. They have no restrictions like *TRANSACTION FEE
*MINIMUM BALANCE REQUIREMENTS
CONCLUSION
So in conclusion we have to say that blockchain technology creates an everlasting impact and creates an immutable record of every transaction. It is helping the users to shift themselves toward the digital ledger which makes fraud, and hacking impossible. It is creating an impact on many industries such as hospitalization, real estate, gaming, etc, by providing great experience and also much cost savings. Many people are entering into it to start their business and they are also getting many benefits from it.
