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If you think that blockchain is only for Banking-Think again!

Oct 13, 2017 Posted /  19991 Views

If you think that blockchain is only for Banking-Think again!

Blockchain is so versatile

When we talk about growth and evolution of technologies, the FinTech industry will talk about various technologies, that are coming up and getting gelled up in the markets so well, that it not only enhances the platforms those who make use of it but certainly, it gives a pump to the intellectual minds to come up with something better. The multiplication of the technologies and their derivatives keep going on. However, talking about the present FinTech industry, it will be unfair to not to talk about Blockchain technology. Yes, the not so new technology has become the talk of every discussion that takes place in FinTech. But, the power of blockchain is underestimated. People mostly talk about it to implement in the banking sectors, to ward off the evil eyes of the scam masters and robbers.But, blockchain has so much more to offer. It is a mould which can be flexible and adaptable for other sectors as well. Since at the end of the day, it is a network, and networks cater the needs of various sectors.   

Blockchain and its eclectic nature

Bitcoin and Ethereum technology has made the blockchain technology famous. But it is the blockchain technology that has formed the basis for these as well as many other cryptocurrencies. These cryptocurrencies run on blockchain technology Banking sector is quite fearful of the blockchain, because it can disrupt their traditional system. It was Satoshi Nakamoto to think about starting an encrypted currency system, but what is he might have thought about bringing out any other element on the blockchain, but since money makes the world go round, he might have thought about bringing currencies on this ledger based network. The Blockchain is basically a database in a distributed format, where the network is decentralized and transactions are transparent.But it's not only a database but a transparent network where one needs to calculate the signatures done on the block again if he wants to manipulate. So, manipulation is one such art which blockchain does not like, hence it is non-manipulative in nature.

Need for blockchain

Since every sector needs a platform where they can give their users an assurance and commitment for their paid services, blockchain will help people to gain the trust of the mass. From Real estate to healthcare to education to making payments to certifying things to business, blockchain technology’s opaque nature will enhance the various entities of the economy. The statement which can be heard a lot about blockchain is that blockchain will replace every network is an exaggerating one as for now because it's too early to comment on this Blockchainization of things, but certainly if explored more, blockchain has much more to propound.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain bitcoin banking uses disruption industries

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