New Delhi: The word or the concept of Blockchain may not be as popular and well-known as the skyrocketing prices of Bitcoin or Ethereum, but in the post-pandemic era, where the world is coping and changing at a rapid rate ‘Blockchain Technology’ holds endless possibilities. Acting as a secured decentralized system for documenting and recording transactions, Blockchain works as the backbone of the cryptocurrency.
In simple words, Blockchain is an open and distributed ledger that stores data electronically in a digital format with identical copies across each system of computer within a network.
Distribution of the electronic ledger across the network helps the technology to facilitate the security of the blockchain. All kinds of Cryptocurrencies and NFTs make use of this distributed ledger for seamless and transparency of transactions.
Blockchain technology power applications like Smart Contracts are real game-changers as they can oversee all aspects of accordance from facilitation to execution.
The development in blockchain technology in recent years has caused it to take one step closer to transparency and a decentralized system. Many people believe that Blockchain is a solution to many problems as it can provide possible ways to reduce the risk of hacking and data tampering.
It is expected that blockchain will expand its scope of usability in many more sectors including finance, data analysis, and the Internet of Things with the advent of 5G.
Usage of the Blockchain system in different sectors apart from cryptocurrencies and NFTs can easily save time, money and solve many problems. For instance, Blockchain can solve many issues regarding banking transactions, Healthcare, and Voting systems.
The process of encashing a cheque takes multiple hours while using Blockchain technology it can be done in minutes. On the other hand, Election voting using the internet can be termed as an impossible task to achieve as it indulges hacking risks but with blockchain, voting can be done with secured systems and government can get fast yet accurate results.