We read an interesting article from Global Trade Mag on blockchain and the meaning behind it. Many of us have heard the word blockchain in the past 5-6 years, mainly related to bitcoin, Ethereum, and other cryptocurrencies. However, most of us are unaware of the power of this technology and how it will drive change in the future.
What is blockchain, and why will it ascend over the next decade?
Since we live in a digital world, we can't help but to face the fact that blockchain has become essential because it allows us to own our digital goods, assets, and data. "Currently, there are two types of blockchain: permissionless (public) and permissioned (private). Participants use pseudonyms to protect their identity with permissionless blockchains, and there is no identification of participants. On the other hand, permissioned blockchains are protected by access privileges. Participants are authenticated, and a super-user may control the network. Permissionless blockchains are considered more reliable because of the consensus principle."
Why companies are integrating blockchain solutions
According to Global Trade Mag, by 2023, the global blockchain market is set to reach $20+ billion. What makes blockchain so attractive to business?
- Reduces operational costs by obviating the need for a centralized authority
- Allows for the completion of transactions in seconds rather than days
- In the global trade supply chains, manufacturers will have the ability to track products, manage risk in distribution networks and demonstrate good corporate governance.
The fineprint: "While no one can predict how the future will unravel, it seems clear that blockchain will play an important role."
To read the original and full article, click on the link below: