What is the future scope of blockchain technology_FINAL (1)

1. WHAT IS THE FUTURE SCOPE OF BLOCKCHAIN TECHNOLOGY? What Is Block chain? In simple words, block chain is a cloud-based system to store information. Block chain is the underlying network of digital assets. There are many digital assets in the market. These digital assets or coins exist on a distributed and decentralized ledger called a block chain technology. The original motto of this technology was to store digital data so that not to get it modified. Block chain acts as an open-source database. Why Block chain Is Important? At the core, you can find the block chain’s importance by going through its key features. These features make block chain irresistible in diverse scenarios and mark itself as the best possible solution in every industry sector. Block chain increases trust, security, and transparency, adopts immutable infrastructure, enhances digital freedom with excellent use cases ranging from trade, and finance to healthcare and delivers cost savings with new and improved efficiencies that operate on the backbone of truly decentralized services. Why is block chain the future? 1.Smart Contracts Smart contracts are self-executing, self-enforcing contracts. They are governed by the explicit terms and conditions laid out within them. So, the details of the contracts are stored in the Block chain block. These virtual agreements can facilitate the exchange of money, content, shares, property, or anything of value. The self-executing nature of these contracts provides a tremendous opportunity for use in any field that relies on data to drive transactions. 2.Web Servers In a web server, data security is very crucial. Typically, a web server has two parts, API and Data. Each block here serves as a node and joins the request-response cycle. Using block chain technology as a trust base, the correctness and freshness of data with minimum overhead is guaranteed.

2. 3.Banking Block chains, both public and private, can be implemented across a variety of use cases in the financial world, opening up new sectors of banking services that benefit both banks and customers by allowing faster, cheaper, more secure and more inclusive transactions. 4.Digital asset Uses in digital assets are a well-known application of Block chain. 5.Healthcare Many healthcare and block chain companies are currently working on or have already released block chain-based systems to improve healthcare for both professionals and patients. By decentralizing patient health history, tracking pharmaceuticals, and improving payment options, block chain is becoming a valuable tool for healthcare, revolutionizing this industry worldwide. 6.Records As a secure, transparent and regulatory compliant infrastructure, block chain allows agencies to synchronize records, workflow processes and signatures for multiple parties to a transaction. 7. Voting Block chain technology can enhance efforts to move to electronic voting by offering greater security and transparency, which may increase needed trust in election systems. 8.Supply Chain Blockchain can improve traceability, transparency, and tradability and have a massive impact on every sector that relies on the supply chain. 9.Digital Marketing Marketers and customers can leverage block chain to gain maximum transparency during transactions. Block chain technology is not only changing the way digital marketers buy ads; it’s also providing new opportunities for small businesses. The security, transparency and convenience of block chain will change how companies do business online – including making their social responsibility more apparent to customers. Block chain As A Service? Block chain is a disruptive technology. But it is also expensive to implement and manage. But, with block chain as a service, businesses with a lower budget can also transit to the block chain. There are popular block chain-as-a-service (BaaS) services that are trying to solve the demand.

3. These are cloud-based solutions, which mean that businesses don’t have to worry about infrastructure or maintenance. All they have to do is pay for it like a service. Currently, there are plenty of block chain-as-a-service providers. Future Of Block Chain Technology In India In the coming days, block chain technology is going to be a game-changer for government, companies and individuals and every block chain development company would want a share of this pie. The prediction is that by 2025, block chain will add business value worth over $176 billion, which would further increase to $3.1 trillion by 2030. These numbers reveal that block chain technology has limitless potential in India. While some suspect that the adoption of this technology is going to erode the legacy systems, what it truly poses to do is to act as the catalyst to revamp the existing processes, by bringing in efficiency and greater value. India has the potential to emerge as a leader in block chain technology just like it has demonstrated its capabilities in other IT innovations. Platinx- An End-To- End Block Chain Development Solutions PlatinX is one of the world’s most trusted block-chain development companies with excellence in end-to-end development solutions for Crypto Trading Software.We’ve been at the forefront of the block chain revolution ever since we started. Visit our website - https://www.platinx.io/, to know why our digital asset exchange is the best place to trade and learn about crypto.