We all know that blockchain technology and cryptocurrencies have been growing hand-in-hand over the years, but it is much more than that. By ensuring secured storage of digital assets & information, blockchain technology is increasingly becoming popular across almost all industries worldwide. Besides the banking & finance sector, it is being used in various applications, including insurance, healthcare, logistics tracking, & real estate, among others.
In simple terms, a blockchain can be understood as a set of
individual segments or blocks,
each of which contains specific data & connected to other blocks containing
other information, thereby forming a chain. These blocks are immutable &
transparent records of transactions, assets, etc., & form an irreversible
chain as assets or information passes onto someone else.
Much beyond the hype of its novelty, blockchain technology is
continuing to prove its relevance across different industries to boost business
productivity. In an age where basically everything is data-driven, blockchain
plays a primary role in determining how organizations choose to maintain
accurate & transparent data while also applying these techniques to boost
the overall efficiency of their workforce.
The Crucial Role of
Blockchain Technology in attaining Sustainability
·
Transparent
Supply Chains
Consumers nowadays, especially those with environmental &
social awareness, demand transparency of products & value chains.
Decentralization and application of privacy algorithms through cryptic
functions, the most prominent aspects of blockchain, ensure utmost data
authenticity, enables product tracking in the supply chains, and, in turn, help
build consumer confidence.
·
Circular
Economy
A circular economy, which includes reducing waste, reusing
products, and recycling materials, is crucial to sustainability and ensures
that products & services are traded in a closed loop, which can be well-achieved
through blockchain-based platforms' traceability & transparency.
·
Reduced
Counterfeiting
Blockchain platforms decentralize a database visible to
businesses & individuals, i.e., each material during its production gets a
unique identifier, which provides consumers & others in the supply chain
with a certificate cryptographically signed by the manufacturer. Hence, it
helps differentiate original products from duplicate ones and combat
counterfeiting.
Assessing the Scope of Blockchain technology in the
Nearer Future
Increased revenue streams are being observed across most
industries that use blockchain networks, cryptocurrencies, & other digital
assets. And the banking sector remains the largest end-user of the technology,
followed closely by telecommunication & media, manufacturing, healthcare,
and retail/consumer goods. As blockchain technology is rapidly advancing, more
refinements are happening both in cryptocurrencies and various applications
like smart contracts & automated tracking, among others. Hence, the
mounting utilization of these platforms worldwide is likely to deliver way more
profitability to businesses than people believe and, in turn, boost the Global
Blockchain Market over the coming years.
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