Can Blockchain be the Future of the Internet?
The founder of 3Com Corporation, Mr Robert Metcalfe, once said that the Internet is likely to become fierce in the upcoming days.
It’s been more than 20 years, and his guess is now turned into a reality as organisations are dependent on the internet to simplify their business operations and generate more revenue. Metcalf was not the only person who sensed the internet sensation in his veins, but many other professionals have also predicted the same and similar words such as the Internet is not the only breakthrough marked with human history, but the other advanced technologies can also be experienced.
Recent technology termed as Blockchain which has revolutionised the internet of things and other aspects. The blockchain is a digital ledger which holds the record of every transaction allowing direct fund transfer without any third party intervention. Apart from powering the cryptocurrency industry,
The primary benefits of blockchain are that it offers transparency in advertisers partnership, improve the security of data with Mining Pools, and maintain or align ways of transactions. A survey conducted by IBM on C-suite executives states that most of the executives are already using blockchain technology or planning to implement it in their company.
Blockchain technology will stay as same as the Internet. It is growing across the globe impacting various other industries as well. These days, companies are investing in blockchain technology as they believe that it will replace the traditional transaction system.
Blockchain builds Trust and Loyalty.
The more successful the brand is, a less in the number of people who trust them. It was concluded by Edelman Trust Barometer, which is responsible for calculating the brand trusts. When it comes to trust and loyalty of blockchain technology, people become a bit doubtful.
Blockchain technology maintains the log of every aspect involved in the product manufacturing to final distribution empowering the tracking and controlling capabilities, but at the same time, it threatens the investors through the scamming or malicious websites. You can be a victim of similar scenarios such as “ShapeShift.io”, a platform which offers the trading of various digital assets, provides the same wallet address to every user for depositing bitcoins and they do not exchange funds. So it’s a multi-way road.
If you have a deep understanding of the blockchain, you can select the companies which compile the rules and regulations for trading and one which cut corners. Recently a leading retail giant Walmart collaborates with IT leader IBM to leverage the use of blockchain in tracking pork prevenance in China to improve food safety and minimise risks, creating a healthy trust relationship among users.
Blockchain in digital advertisements enables advertisers to directly coordinate and deal with sponsors by eliminating third-party involvement. Blockchain, maybe someday, pull out Google and Facebook like giants.
The non-efficient consumer level programs for branding can improve with the power of blockchain. Brands can manage and track the versatile points by distributing the work with blockchain. It further empowers consumers to use the collected rewards in various activities such as booking a hotel to haircut and spa in the salon.
Decentralisation is the future.
Blockchain supports decentralisation principle which doesn’t rely upon central authority. It uses crowdsourcing to accomplish or get a task. Till now, professionals do not consider blockchain as a model shift. Our digital world has moved from centralisation to decentralisation which could have happened before the blockchain marks its fast presence and gets familiarised across the globe.
Let’s talk about the Uber, a giant in transportation, successfully transformed its whole transportation model by creating a system which matches the supply and demand of the taxies.
Airbnb is also leveraging the blockchain in the property rental operations.
Similarly, Youtube has implemented the technology offering experts and non-professionals to present their talent on their platform and earn good money with a camera and their work.
Shopify has also leveraged the use of blockchain in e-commerce industry allowing startups and entrepreneurs across the world to sell anything from anywhere. If it is managed and regulated under supervision, it can totally transform an organisational growth. To get the more profound understanding of blockchain implementation and its effect, you can enrol in Blockchain Certification accessible over the internet from anywhere anytime.
The blockchain is directly influencing the businesses on various grounds such that security, computations, speed, value and accuracy. The concern for security will not stay longer due to the distribution of data across the ledger. The best part of the blockchain technology is that it allows businesses to select the needed services from the decentralised lists.