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It is interesting to know that 90% of the bank infrastructure cost was cut down by Blockchain Technology. Other interesting stats about blockchain technology are its occupancy is expected to reach about $20 Billion by the year 2024. By 2023, India will be one of the world’s Blockchain leaders; be part of the revolution. Built for all Your Apps. Get Continuous Security. Get Ready for AI. It has raised funding to data to about $76 million. Financial and technology ﬁrms have invested $1.4 billion in blockchain in the year 2016. On an average, investments on blockchain projects in 2017 were $1 million.
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What is Blockchain Technology
Blockchains are unique, open, decentralized with the help of which one can store the details of transactions between two parties in the safest way ever possible. This helps user to keep sharing the up to date information safely. As the name explains, blockchain refers, a block permanently created for recording a set of data in digital ledger, which forms a chain. As these blockchains are diﬃcult to manipulate, it offers the best solution for keeping the networks. Combining shared databases and cryptography, blockchain technology allows multiple parties that may not know each other from different geographical locations to have simultaneous access to a constantly updated digital ledger that cannot be altered.
Manipulation of data in blockchain is diﬃcult as it is an encrypted record and resists any kind of changes made, along with auto validation of each new entry, making the system a reliable database of information.
Advantages of Blockchain in different Industries
Various industries are getting beneﬁted using blockchain technology. Following are some of the ﬁelds where blockchain is playing a vital role.
Banking and Finance
Blockchain technology helps in eliminating intermediaries in various ﬁnancial and banking services, thus saves a substantial amount. Blockchain technology is known for making transparent, traceable, safe and secure payments, both domestic and cross-borders as well. Most importantly, blockchain technology imparts higher degree of security as it protects its centralized database for various cyber-attacks.
Blockchain technology limits the cost for intermediaries with its innovative cryptocurrency. Cryptocurrency is digital currency. The blockchain behind cryptocurrency is a public ledger of every transaction that has taken place. It cannot be tampered with or changed retrospectively.
Exchange of various conﬁdential documents can be done with high security using blockchain technology. Also, other activities like automated payments using smart contracts, keep tracking and tracing, reducing fraud and tampering activities can be achieved with the help of blockchain technology.
Blockchain technology helps in developing various highly personalized and customer controlled loyalty programs. It also accounts for authentication of products, validation of originality, it helps in sharing rewards between users, thus raising brand awareness.
It helps in making smart contracts by eliminating intermediaries, and will improve fulﬁlment, it develops trust by avoiding tampering, and also it enhances cost eﬃciency storing data and maintaining quality information.
Blockchain technology helps in making user friendly schemes, reduction in fraudulences, improved tokenization for E-ticketing, easy in tracking luggage, enhances passenger’s data privacy, managing planning and route.