“Blockchain can bring across a drastic change around crypto and NFT based industries and sectors,” — Hardik Joshi, the Chief operating officer at Citrus tech.
Blockchain is a technology that changes the view of how we buy and sell assets, share information, and build a crypto marketplace. Blockchain is a transformative technology that provides a secure, efficient, and transparent way of working. However, blockchain is a complex technology that many companies are trying hard to grasp. Nevertheless, there are a lot of benefits to blockchain technology that can revolutionalize crypto-based industries. Blockchain aims to cut out the time and cost of intermediaries by establishing a point-to-point network within a single system. Blockchain outweighs other security processes by connecting the assets to each block before and after a transaction is made. For example, if a user is transacting with another, blockchain creates blocks for the transaction, and each of these blocks connects to one another before and after the transaction is made. Thus providing a more secure and hack-free transaction experience. Blockchain also offers a distributed ledger where users’ transactions are replicated among different blocks rather than storing it on a single centralized server.
AMAZING FACTS ABOUT THE BLOCKCHAIN TECHNOLOGY:
Blockchain is considered to be a breakthrough in the modern world of technology, with millions of users around the globe in the past few years. Some amazing facts about blockchain technology are:
- Since the establishment of crypto payment systems, thousands of industries and companies started the ledger patterns as followed and powered by blockchain technology
- According to research conducted by Citrus, a blockchain gaming platform, banking sectors around the world will be able to save up to twenty billion dollars by 2022.
- It is estimated that around 300 million blockchain transactions took place at the end of 2020.
- The records put out by blockchain technology cannot be altered (i.e.) Once a transaction is recorded in the blockchain technology, it cannot be manipulated. Ledgers can only be changed when a majority of ecosystems agree to change them.
- The reserve bank of India is constantly researching about the benefits of blockchain technology and is soon to implement it.
- There are two types of networks involved in blockchain technology – private and public. The public network is open to all, and one of the biggest public blockchain networks is Bitcoin.
“Most of the big companies in the recent years have started to create a common data model that can serve customers more efficiently with the help of blockchain technology,” says Hardik Joshi. Private companies can start to monitor buying and selling expenses, labor efficiency, and emissions by implementing blockchain technology in their systems.
BENEFITS OF THE BLOCKCHAIN TECHNOLOGY:
Hardik Joshi, the COO of Citrus, believes that accessing and implementing blockchain technology is like have a level 100 legendary item and progressing through level 1 of the story in a video game. The benefits of blockchain technology are as follows:
- Blockchain technology is very efficient as a company needs to maintain a single ledger without any complications to it.
- Blockchain is very transparent. If there is a change in the transaction history, everyone in the company is notified.
- As mentioned earlier, blockchain is the best security we have so far.
- With blockchain technology, everyone in the company is provided with an audit trail that allows users to view the origins of an asset.
- Users can check the authenticity of an asset.
- Since blockchain technology eliminates any intermediaries, there is a massive advantage of cost reduction.
Blockchain technology can help a company earn loyalty among its community in many ways. With blockchain technology, the costumer gets significant ownership of their digital wallets and make transactions more efficient. With the help of blockchain technology, a company’s ecosystem can be optimized in an automated way. The growing technological features help the company and its customers by offering endless, secure, and sustainable transactions. A lot of governments and even big social media platforms such as FaceBook, Instagram, Telegram have already started experimenting and finding the full potential of blockchain technology. For start-ups, though this might be challenging but possible due to the complex features.