Blockchain technology is one of the rising tools that can be effectively used to address several issues being faced by industries at present. Going further, more investment is required to ensure that blockchain can be effectively used for development and testing of applications.
Blockchain or distributed ledger is used to make digital assets tamper proof by ensuring that their entire digital journey is made transparent and accessible through the process of decentralisation. Just a few years back the blockchain technology was considered nothing more than a hype having very limited real world application.
However, with the evolution of technology blockchain has evolved as the goto solution for a number of pressing problems being faced across different industries. As industries run to adopt blockchain, the question has shifted from “why” to “How”. Some of the advantages offered by blockchain app development are as follows:
The most discernible feature of the blockchain technology that makes it stand out is the enhanced security offered by it. Transactions in a blockchain network are reviewed by authorised members before being recorded into decentralised ledgers- thereby reducing the chances of fraud.
Being a distributed-decentralised ledger where all the participants have access to the same data across different nodes, the data in the blockchain can only be changed after receiving consent from all. This gives the blockchain network an unparalleled transparency.
Blockchain technology could help in reducing infrastructure costs and achieve optimisation by reducing manual work. By helping the employees save time on redundant processes that consume unnecessary time, blockchain technology helps ensure that the employees only focus on important things.
The application of blockchain helps the payment industry to do away with the need of an intermediary. Application development through blockchain can make peer to peer transactions easier. A central system of recording transactions that is tamper proof can also help many other sectors.
Though all industries need to transfer data and information in general, some industries are more suitable when it comes to the application of Blockchain. Sectors like healthcare, government and financial services lead the pack when it comes to application of Blockchain. Further, the use of blockchain can also help in addressing some of the pertinent issues faced by the payment systems currently. Thus, in order to effectively address different cases faced by the industry, a cohesive investment in the development and testing of applications using Blockchain is required to reap all the benefits.