Why Blockchain is the Future

Over the past few years, Blockchain has rapidly gaining popularity. We all know it started with the introduction of Bitcoin and now the industry has flourished to such a significant level that there are different types of coins and tokens available in the market and organizations are rapidly investing on the Blockchain Technology. Every major company in the world has either already started or planning to bring Blockchain into their business. There are chances that soon Blockchain will be used everywhere, and the mediator companies will be a thing of the past.

The Blockchain will certainly take over the Internet (if not already). I truly believe that it is going to be the future of the internet and here is why:

A distributed database

The ledger or database of Blockchain is easy to access. Everyone can easily access and use the Blockchain. The information is not stored or owned by any particular company or person. Imagine that you have an excel spreadsheet that has been multiplied hundreds of time. It is similar situation of Blockchain. It covers the entire world and provides the services that the individuals and companies have been looking for a while now. It is everywhere, and this is the reason that whole population can efficiently use it, but the hackers cannot control or attack the system as there are no one or two systems to hack. That’s probably the reason we can say that the Blockchain is rapidly changing the world.

Durability

Blockchain is a perfect use case for many industries, for example, supply chain, banking, logistics, real estate, etc.

Let’s take a look an example of the Global Supply Chain:

  • It will help the companies to maintain their logistics by tracking the manufacturing process of their product as well as the pathway of their customers.
  • A single individual / company does not control the end-to-end information and the information can be used by the entire supply chain to make the process easy and transparent.
  • The most significant attraction of Blockchain is that it can’t fail (or at least not that easy at the moment). It has been working since 2008 without any system errors. There are chances that even for the next 30 years the same system will be used by the technologists.

Decentralization

What attracts the companies towards Blockchain technology is the fact that it is decentralized. Let’s look at an example of money transfer to an overseas supplier, transaction fee, and money conversion fee is almost negligible with the help of the Blockchain. Another benefit is that it has the same value around the world. It means that you can send money to any part of the world without losing a single penny. I know many companies are currently working to assure that value of the Blockchain will not be volatile because that is the only way it can benefit the logistics.

Secure application

The Blockchain is changing the world with the secure apps and online platforms. Once the internet starts to use the same technology that is used in the Blockchain, there are chances that we will not have to worry about the hackers or another type of viral attacks. I am certainly not saying that hackers will disappear as they will also reinvent themselves. Even after several attempts, hackers have been unable to break the code of Blockchain technology, and that is why it has been used so successfully around the world. Blockchain has the most robust security system at the moment. I am sure it will change shortly after more and more people become aware of this new technology and start to adopt it in their daily use.

The incorruptible system of the Blockchain is the most significant reason that investors are ready to turn it into a big success. They want people to understand how the Blockchain works because that is the only way awareness will increase and soon Blockchain will become the future of the internet. Remember that Blockchain is here to stay and so you should also see where it can fit in your business model