Recapitulating Industry Experts Insights on Blockchain Technology & Its Future
Explaining Blockchain Technology
Blockchain technology experts define Blockchain as a public ledger of all cryptocurrency transaction which is digitalized and decentralized. In brief, it is explained as a transaction that removes and doesn’t need any third parties such as banks, PayPal or others for transactions in a peer-to-peer network. The transactions that occur within the Blockchain technology system are processed quickly and are even cheaper. Blockchain technology is a trusted and a decentralized network which allows the transfer of digital values such as currency and data. All the transaction occurring on the Blockchain technology are visible only on their network which prevents the cases of cyber-attacks. The databases within it cannot be changed without the consent of more than half of the network which makes it more secure. Experts have yet not figured out its single point of failure though it is not controlled by one single company.
The functioning of Blockchain Technology
Blockchain technology works through large databases that are shared across a various network of nodes. It offers liberty of third-party trust which makes the process economical, faster and safer too. The nodes comprised in the network are used together to verify transactions within the system of Blockchain by the process of mining. All the verified transaction by the block are placed in a block. All the transactions which occur within the Blockchain automation get stored in a distributed database referred to as a ledger.
It is very beneficial and effective for large scale industries because even the hackers cannot hack and change the transactions within it as it requires the consent of more than of the computer network. Blockchain experts have experienced the management of database within the business gets easier with the application of Blockchain in the market.
Insights into End-use industries of Blockchain
Blockchain is changing the dynamics of every business and the way in which every industry are operating currently. It can change the business landscape all the small, medium and large scale enterprises. The demand for Blockchain technology is being driven by the rising need for transparent and faster transaction across the entire BFSI industry as well as other industries. By the survey conducted with a leading Blockchain Experts, we found out that Blockchain comprises various end users which includes BFSI industry, Government, Healthcare& Generic, Media and Entertainment, Energy & Utilities, Manufacturing, Professional Services, Technology, amongst others.
A leading Blockchain technology expert explained that Banking, Insurance and Finance sector accounted for 42% market share in 2018 as Blockchain is allowing different banks to complete their transaction and do business with each other more easily and accurately across the globe.
The above-mentioned end-use industries use Blockchain for payments, exchanges, supply chain management, smart contracts, digital identity, documentation, governance, compliance, risk management, and others.
BFSI industry experts say that Blockchain has helped them to streamline the processing to their payments with high efficiency and enabling the transactions to be fast and secure.
Blockchain enables transparency and automation between the transactions of hospitals and patients for medical and healthcare experts.
Conclusion and Future Insights
ExpertsConsult collaborates with many firms who provide the Blockchain consultation for lucrative investment opportunities for business and expertise to realize the full potential of this trending technology for their end clients.
According to statista, worldwide spending on Blockchain solutions is estimated to reach a value of USD 11.7 billion by 2022. The United States is currently leading in terms of Blockchain technology.
A leading Blockchain expert from a leading Blockchain Company believes that Blockchain as a Service will also lead the Blockchain technology market due to many start-ups and enterprises working on the same to offer their customers to leverage, use and host their own Blockchain applications for their business.
According to research and analysis of a technology industry market research expert, it is estimated that the global value of Blockchain will reach USD 23.3 billion by 2023 promising the entrance various innovative Blockchain solutions start-ups within the industry.
ExpertsConsult is a leading expert network firm which collaborates with leading technology industry experts and presents their insights on various tending technologies. Blockchain Experts of ExpertsConsult includes C-level executives, managers, Blockchain consultants, technology researchers, amongst others.