Blockchain
For a long time, Blockchain has remained anew market terminology, with an organization having heard of it, but not ready to invest. This is because when it was first introduced, there was very little that was known about it. Organizations were not prepared to take risks in investing in a technology that they knew nothing about. However, with time, organizations have discovered Blockchain’s power in the global economy, and it has started gaining popularity in the recent past.
It is good that we start by looking at what Blockchain is before diving deeper to understand why it is gaining popularity across the globe. Blockchain, or simply the Distributed Ledger Technology, is a distributed ledger that is decentralized that records digital assets. Using decentralization and cryptographic hashing makes it impossible to alter the history of any dataset stored in Blockchain (Yaga et al., 2019).
With organizations and individuals having gained knowledge of what Blockchain is and its power in security, the technology is fast gaining popularity. This can be attributed to several reasons. First, Blockchain is cryptographically secure. The fact that Blockchain applies digital signatures to create transactions with reduced fraud is making it popular among organizations. With so much fraud happening during online transactions, organizations and business enterprises turn to Blockchain, making it popular. Secondly, Blockchain is decentralized. Most of the transactions will require approvals from third parties, such as banks and governments (Jiang et al., 2018).
There is no need for the third party in Blockchain since approval comes from different users’ consensus. The elimination of third parties for approval means that organizations transacting will save the cost that would have been incurred for third-party services; hence organizations are turning to Blockchain to save on costs. The last reason why Blockchain is gaining popularity is due to faster processing. I have already mentioned that Blockchain is eliminating the need for a third party during transactions. This means that the process is more immediate when using Blockchain. It is worth noting that using Blockchain; transactions can be done at any time of the day, unlike in the traditional ways where they have to be don during the working hours for the government and banks (Lopes, 2018).
References
Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2019). Blockchain technology overview. arXiv preprint arXiv:1906.11078.
Jiang, H., Liu, D., Ren, Z., & Zhang, T. (2018). Blockchain in the eyes of developers. arXiv preprint arXiv:1806.07080.
Lopes, J. D. R. (2018). Blockchain technology concepts and applications (Doctoral dissertation).
Hi,
I have read your post, and I like it. Blockchain has remained an unknown technology for a long time. There were not enough personnel supporting the technology, explaining why the technology was not popular for so long. In the last few years, educational institutions have started offering studies in the technology, and people as well have organizations have started understanding what it is and the power of the technology, especially in security. Organizations are now turning to Blockchain due to its security enhanced by the fact that any tampering done in Blockchain gets alerted because every blockchain user has a copy of data.
Hi,
This is a nice post. As much as Blockchain is new, its potential is quite huge. There is a likelihood that Blockchain is going to change the global economy by taking over as a mode of transaction. Organizations are already eyeing to start offering Blockchain as a Service. Automation is one of the reasons for Blockchain’s recent popularity. Blockchain has been programmed to trigger actions and payments when certain conditions are met. There is also faster processing of transactions when using Blockchain because it has eliminated third parties’ needs while transacting. This means that time saves, not forgetting that these transactions can be made at ant time of the day.