The decentralization of the digital economy using blockchain technology promises to bring about a significant transformation to the very existing ecosystem. The blockchain technology offers a major transformational experience by bringing about a non-hierarchic system. The centralized hierarchy based models are plagued by several problems, especially like the single point failures. Such problems deliver a knockout punch to a complex system often resulting in losses worth millions of dollars. Plus the entire network has to be restored before one can actually go ahead and use the same. Infrastructure management companies and other service providers of the same genre are finding it difficult to ensure no failure in business networks. It is one of the biggest pain areas in the entire world.
What does blockchain bring with itself?
The blockchain technology transforms the existing legacy systems with a completely distributed ledger technology. In short, it introduces a single source of truth and that source continues with new instances and users being added with the growing network. Using Blockchain technology, the legacy-based systems have a new beginning. The massive transformative experience brought about by the decentralized ledger technology is bound to be more
- Flexible: Blockchain networks are highly scalable entities that allow large networks to operate freely. The seamless information channels brought about by blockchain will pave way for better information exchange, reduce geographical distances and leverage overall productivity.
- Quick cross border payments: Once verified, a transaction will take less than a minute to mature over a blockchain. Traders and customers can bypass the complex banking systems which would automatically speed up a global business. There are several instances where business transactions get delayed due to the lack of quick remittance platforms.
- Secured: The blockchain transactions are highly secured. These immutable blocks of information ensure that data is never taken or compromised from a blockchain ecosystem. There are several instances in the past where data has been compromised with but blockchain prevents it all!
The decentralization cloud will witness massive adoption in the next decade. Along with Smart Devices and IoT; the world is in for a big tech revolution.