Blockchain the trending technology is hitting the tech market since it has introduced. In a very short period of time, it turned as a headline and breaking news of the newspapers and news channels respectively. This would be not wrong to say that, blockchain development has attracted a number of entrepreneurs.
Experts have declared that in upcoming years, this tech world would be turn as a blockchain world and every company will be utilizing it as it is full of potential.This modern technology can be found in every sector of business and it made the work simple and easier. The most demanding blockchain technology has become a predominant part of the industrial sector. It is really a unique concept and forced us to think that how blockchain developers, proficient designers has developed this technology in a highly functional method. The demand is increasing day by day and new sectors are also attracted towards it.
What is Blockchain?
Basically a blockchain is a decentralized and distributed ledger, where data can be stored permanently and securely. This technology allows to have a digital transactions and no one is able to copy the proceeding in any manner. The platform is fully secure that no one is able to hack it, it is fully hack proof. In simple words, it validates transactions. Blockchain is defined as shared, immutable ledgers for recording a history of transactions.
History – Growth of the Latest and Most Needed Blockchain Technology
The blockchain technology has introduced with cryptocurrency – Bitcoin, which was founded by a person or group of people Satoshi Nakamoto. The identity has still not reveal. The entire technology was developed to maintain the financial transaction easier and simple for cryptocurrency as well as other industries.
The blockchain technology has been introduced with the cryptocurrency but soon it has parted its ways and has become its individual identity. The first digital currency bitcoin was introduced with it and it solves the issue of the double spending problem. The technology has rapidly increased worldwide, and has been used in every sector of business which includes health, financial and banking, cloud storage, IOT, voting system, medical and health care.
According to the research, it has been expected that the blockchain market size is expected to grow from USD 210.2 Million in 2016 to USD 2,312.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5% during the estimate period. The demand of blockchain technology is increasing rapidly due to cost effective, relevant and advanced features. Along with this, the countries such as India, China, Australia, and Singapore are growing continuously and demanding the cryptocurrency and blockchain development services.
Included in the scope are emerging economies, such as India, China, Australia, and Singapore which are showing particular growth in cryptocurrency and blockchain technology start-ups. With the increase of blockchain technology there are various blockchain development company in all over the world who are offering their services.
How Entrepreneurs Can Leverage Blockchain in 2019
In 2019, companies can take full use of the blockchain technology. Business owners can implement the new technologies in their working and turn the working into effective working. Blockchain development plays the biggest role in the technical world and offers the various services to make the work simple and secure.
1) Eliminate the job verification process: In the coming time, maybe companies can can eliminate HR and use blockchain software for the job verification process. Like there is a blue tick on twitter the same tick can be found on the Linkedin and maybe Linkedin can handle the job verification process. It will keep the full information of the employees with proper verification and the process will become more transparent and relevant. This technology can save several hours and get the 100% true and secure information. It also shows the title, description and responsibility.
2) Legal Agreement via Smart Contract: With the blockchain technology the agreement will be fully automated with the legal smart contract, so there will no chance of fraud. Blockchain is also a smart contact business that will be operating the business overall and can manage the documents legally. Many business agreements are relying on the temporary basis and that is mailed, scanning or digital signature on email.
3) Supply chain verification: The documents will be having legal supply chain verification process. Whoever will be included in the supply chain process the proper verification would be held of that person. Blockchain also helps verifying the process like source, coding etc. By verifying the process, the system can be checked till depth and practices like child labor can also be identified. By using the blockchain technology, the identifier can also be identified and easily we can reach to the supply chainer. It will also empower the business and in all terms.
4) Open ways to invest in capital: It will open the way to invest in the capital. In the world, there are many countries where people are not able to invest in the capital as lack of technology, but this blockchain technology enabled owners to invest in the capital from all around the world via digital currency like bitcoin etc. The makers have an opportunity to fundraise the idea or they can invest in the platform. Every person can invest in the platform from all over the world through Best Bitcoin mining software.
5) Speed up the entire process of raising funds: The ICO Development services are a good way for raising the funding process and in ICO, Blockchain technology plays a very vital role to speed up the process for raising fund for the startups. Whereas, it has been seen to raise the fund for the startup is the difficult process as it takes several processes and limit the areas, but in ICO Blockchain technology offers a wide opportunity to the people to all over the world to raise the fund from the real and interested people. Traditional way can take years to invest in the project and many people avoid due to the international transaction fees.
6) Investment with cryptocurrency: Sometimes business owners and investors don’t prefer to have a third party interference and they want to have confidential dealing in that case, cryptocurrency software plays a predominant role and allow people to invest in the platform through Best Bitcoin mining software and enabled the transactions via digital currency like bitcoin, ethereum etc. There are many cryptocurrency development company in the market who are offering their services with the advanced and modern features including cryptocurrency wallet development service by the proficient crypto developers. As crypto wallet is essential to secure the fund and have the transaction record.
7) Transparency and secure transactions: Blockchain technology brings transparency and, secure transactions. With this technology, the transaction record will be saved and secure and no one can modify it, the proof will be for a lifetime. The transactions are for forever and alterable.
In 2019 and in upcoming years, blockchain technology is going to rule the industry. It is a best technology which is going to support the business entities and makes the working easier and simplified. The trending technology has many more features which are going to turn the business into profitable and it will open many new ways for the organization.