Blockchain: Use Cases, Statistics & Benefits

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Blockchain: Use Cases, Statistics & Benefits

The hottest topic in the market today is Blockchain owing to tons of benefits and its efficiency to save time and make any business go global. Any sector whether it is banking, supply chains, etc. can undergo a transformation with Blockchain. Being a new concept for many individuals as well as companies, they are still not aware of the tremendous capacity that it has to elevate their performances. So, the funding in the venture of Blockchain continues to grow more and more.

In simple terms, one can define Blockchain as a database that is decentralized or a ledger that is distributed to keep a stack of records known as blocks. These blocks grow continuously to form the entire Blockchain. Each block is connected to the previous block and a timestamp. It is basically a huge database that allows users who have access to participate or view any of the data in the Blockchain. Any transaction that is authorized is then given a timestamp and attached in an order that is linear and sequential, and thus, the Blockchain keeps forming. There is a constant update in the Blockchain and everything is stored in the history of Blockchain. Any change in the Blockchain by anyone is reflected immediately to all the connected users.

There are many types of Blockchain networks such as public Blockchain, private or the one with membership plans.

Blockchain Technology Benefits

In order to understand the benefits provided by Blockchain technology in various forms, here is a list of a few of them,

  • Blockchain provides the users with complete control of their information and transactions
  • In order to attain security and reliability, each and every transaction is recorded and validated in Blockchain
  • The data of Blockchain is accessible widely, timely, comprehensive, precise, and reliable
  • Need for any transactions such as third-party or central authority, peer-to-peer, etc. is eliminated in Blockchain
  • The Blockchain network is decentralized and thus, it is less vulnerable to attacks
  • Blockchain transactions are carried out 24/7 and the processing time is reduced to minutes

Facts & Stats about Blockchain Technology

There are certain things that one needs to know about Blockchain to view its impacts on various business and industries across the world. A few reasons, which will convince you why all the industries are eagerly looking forward to incorporating Blockchain in their business to gain future benefits:

  • Using Blockchain technology banks have an annual savings of $8 to $12 billion
  • Blockchain reduces bank infrastructure costs by 30%
  • In 2017, $1 million net investment was made in ventures of Blockchain
  • By 2024, the global market of Blockchain is predicted to grow up to $20 billion
  • IBM invests in Blockchain specific IoT around $200 million
  • 90% of the major European and North American banks are venturing into Blockchain
  • IBM dedicates almost 1000 workers in IoT projects that are driven by Blockchain
  • Blockchain will disrupt backing is believed by 9 in 10 people

Uses case & Applications of Blockchain Technology Exceeding Financial Sector

  1. Transformation of identity into digital form
  2. Easier form of trading shares
  3. Availability of contracts that are smart
  4. Payments that are cross-border are made efficient
  5. Investment in intellectual property
  6. Efficient rewards and loyalty programs
  7. Secure record management of properties
  8. Improved security services
  9. Revamping voting process to go digital
  10. Accessible and efficient distribution of storage of clouds
  11. Influencing energy sector
  12. Government bodies getting Blockchain benefits
  13. A new view of the defence sector
  14. Making interactive gift cards industry

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