Blockchain technology has emerged as a game-changer in the corporate world. Many businesses adopted blockchain technology for multiple purposes. Blockchain is more famous in the world of cryptocurrencies, many people only know the relevance of blockchain with bitcoin. The reality is bitcoin was the first application introduced by blockchain and obviously, the most famous one, but there are multiple other blockchains supported applications and business solutions.
Blockchain technology is widely used in various sectors of operations for example cross-border payments, logistics monitoring, anti-money laundering tracking system, cryptocurrency exchange, real-time IoT operating systems, and real state processing platform.
Blockchain is a relatively new technology strengthening roots in the IT industry. The decentralized structure that blockchain provides, where privacy and security are refined to their maximum limit makes it unique and useful. Well, the interesting part is that applications or projects that require decentralized structure and transparency do not only have to look forward to the blockchain, in fact, there are alternatives to blockchain that a company should also consider.
What can be blockchain be used for?
Although blockchain could be used is widely spread all over multiple sectors, but where does blockchain is most needed? Blockchain’s main use is required in such applications where decentralization and transparency play an integral role. Due to this fact, the demand for blockchain is high in banking and finance.
Banks and other financial institutes get the most appropriate use of blockchain in payments. There are some tech companies that are looking forward to building payment networks and providing P2P transaction services. The idea to provide such a payment network where there are no intermediaries, no middle agent. This would provide ease in transactions between parties without any third-party interference.
The use of blockchain in healthcare has been very successful so far. BURSTIQ provides data solutions to the healthcare industry. The big data blockchain helps doctors and patients with a private and secure network where sensitive medical information is shared. CHAIN is another example of blockchain significance, chain is the company that provides cloud blockchain infrastructure for financial institutes. This helps financial organizations to get indulge in the transfer of cryptocurrencies in an appropriate and safe way.
What can blockchain not be used for?
Apparently, it seems fascinating that how blockchain could change the global transactions and payment system, but in reality, it is not that simple. There are various obstacles and constraints in adopting blockchain that must be considered by organizations before initiating blockchain solutions.
The biggest criticism faced by blockchain is regarding its scalability. On one side, blockchain is praised for its transparency and decentralization, but on the other side its disability to handle an immense volume of transactions across the world. Bitcoin is also criticized due to the reason, that’s why bitcoin cash was introduced in 2017, to enhance the capacity of transactions per second.
Blockchain is also popular and considered unique in securing confidential and sensitive data in maximized encrypted form. The fact that bitcoin has survived more than ten years, and there has rarely any manipulation recorded, shows that blockchain is legit in securing data. The interesting part is that there are some other methods as well that are better than blockchain in maintaining records, securing transactions, and providing privacy.
Alternatives to blockchain
Decentralization is considered a problem-solving approach by many businesses, but the fact is not every business is benefited from a decentralized structure. The process of replicating the same information all across various is something is done in decentralized structure which leads to problems like inefficiency and slowering down of devices which leads to scalability issues. Hence, it would be beneficial for companies to make sure that decentralization or a centralized database is required. The centralized structure could be an alternative to blockchain.
The reliance on the blockchain is not necessary when there are other options available that are more suitable and appropriate to consider when it comes to storing data. No doubt that blockchain provides the best data storage systems, but there are high-capacity and high-speed cloud data storage services that act as an alternative to blockchain.
Blockchain would remain popular until the “bitcoin” is popular. As “bitcoin” is getting more popular every day and people are investing in it through platforms like “bitql official site”. It is true that blockchain has some deficiencies but its future is quite bright in the IT industry.