We know that cryptocurrencies have more naysayers than takers but the technology that underlies it, blockchain, has had a greater acceptability around the world. But could blockchain technology be just a hype? Let’s find out.
Blockchain Adoption and Acceptability
A number of governments all around the world have taken steps to take blockchain technology forward in their respective countries and have made concerted attempts to embrace and integrate it into various use cases.
Keeping all that in mind, we would say blockchain technology is anything but just a hype. Even the analysts at JP Morgan, who clearly hold a quite ambivalent and distrustful attitude towards cryptocurrencies have agreed that blockchain does have immense potential in the long run.
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Factors That Make Blockchain More Than Just A Hype
Blockchain Technology has already established its massive potential in being able to handle a diverse range of use cases, ranging from payments to music, digital identity to charity.
The business benefits of blockchain have also proved to be quite ubiquitous and the role of blockchain in supply chain has found many enthusiastic takers including big shots like IBM.
Today, blockchain technology and its distributed ledger technology are helping transform industries that were heavily dependent on paperwork by providing the means to maintain a decentralized database simultaneously accessible to all members.
This distributed database can then be protected from unauthorized, unscrupulous edits.
By using different consensus protocols used in blockchain, the system ensures a decentralized control over the records that become a part of the database.
How this helps is that it removes centralized control. With it, the need for having middlemen is also removed quite effectively. As a result, the need for us to deal with human error or oversight also goes down significantly.
By use of blockchain smart contracts, the technology can lead to even more effective outcomes.
To give an example, say an insurance company integrates the technology. Then, the system will be able to determine the disbursement of funds upon the fulfillment of pre-set criteria.
In this example, the need for middlemen to check the documents, determine approval of payment etc. can be completely done away with. This, in turn, saves time, cuts costs and effectively boosts efficiency. Thus, blockchain is helping you get work done faster, smoother and at a lower cost.
In case of use cases such as digital identity, blockchain can be all the more useful. By negating centralization to a huge extent, it gives ownership of data back to the original owners. It also promotes a great deal of accountability and credibility.
Final Verdict: Is Blockchain Just A Hype?
In our opinion, blockchain technology is much more than just a hype. It is a technology that is sure to usher in the fourth revolution and one that has a large number of use cases to boast of.
Clearly, it is much more than a hype. Instead, it is a technology with a great deal of promise.
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