BSETEC - Hype is there in the predictions being made for blockchain technology

Blockchain is one of the technologies that have been overlooked and considered to have been hyped. But in reality, it is a simple concept with a dynamic process that make it seem something behind reality. Blockchain is often associated only with bitcoin and other cryptocurrencies, while it works beyond that. Blockchain technology can disrupt any business and help a trader or an entrepreneur to establish their business easily. Perhaps, blockchain can be a great tool to manage workflow, track data and supply chain management.

Blockchain can be beneficial to people from different walks of life. The clients who invest in blockchain projects get maximum benefits such as safe data storage, traceable network and promising outcomes. On the other hand, miners who help in smooth functioning, by validating new transaction and recording the valid transactions on the global ledger, earn bitcoins or other cryptocurrencies such as ethereum.

There have been several predictions given out by blockchain experts, most of which convey that the technology has an immense potential to change and optimise transactions in the future, not just in the private sector but also the public sector at large. For instance, Cointelegraph has reported that Zimbabwe’s government is partnering with Apollo Fintech to develop a gold-backed cryptocurrency for the country. Despite being a developing nation, the country has strongly taken efforts to bring in the use of cryptocurrency in its economy. This is not the only example, but many large firms have also started considering to invest in this technology in future.

Another popular prediction by the blockchain expo is that the technology is likely to disrupt areas other than the financial sector. It could be as simple as certificate or diploma generation, healthcare database storage, logistics and many other areas that require secure data storage and traceability. As blockchain technology provides proof-of-work and time stamp which helps in keeping track of each transaction and a hash function that is hack-proof, it is one of the best technologies to go about. One reason why people speculate about blockchain is that it is completely digital. But what they fail to note is that the technology offers distributed network, thereby ensures transparency and is universally verifiable.

If you still wonder if blockchain is trustable or not, learn from us on how you can wisely use the technology to optimise your business and take it to the next level. Get in touch with our experts from BSEtec.