Blockchain technology on Standardization and Disruption
Implementation of blockchain technology is a smart strategic financial step by companies. It has brought all the industries on the edge of revolution not only in terms of cryptocurrency but as data standardization software too. According to a source blockchain, deployment technology could reach $1billion by 2023-2024. Monumental companies like Orange, Verizon, and Telstra have assets and patents in prototypes, frameworks and blockchain-related projects.
Blockchains secure sharing information capabilities are enabling vast industries and operators to improve their time-to-market efficiently. Running processes of product development cycle-Dapps have automation tech, whereas data stored securely in blockchain tech is a logical step by smart businesses. Blockchain tech is an innovative platform for present technologies such as consensus protocol, cryptographic hashing functions, peer-to-peer networking. Blockchain has potential disruptive vital elements:
1. Distributed ledgers
2. Permitting ledgers items that are relevant to the network
3. Consensus algorithms agreeable to network-verified transactions making blockchain one central decision maker
4. Usage of cryptography to authenticated and verifiable sales made confirmed with securely linked blocks
5. Smart contracts are the major beneficial part of autonomous execution and real-time transactions
Public and healthcare sectors are helped to address matters of data standardization, scalability and protection, social services, customer service and experience, fraud, risk management, transparency and so on. Blockchain delivers in identifying a variety of transactions, recording properties, collecting taxes and offering welfare benefits. Earlier this year the European Commission launched an initiative EU Blockchain Observatory and Forum with objectives including blockchain technology and exploring its innovative acceleration.
According to a source, Blockchain has partnered with the U.S. FDA (Food and Drug Administration) and IBM Watson Health to explore blockchain technology with its several services like IoTs health data, demonic data, exchange of patient-level data, electronic medical records, clinical trials, wearables in healthcare management sector.
Blockchain operators have become more comfortable with the usage of its technology and services. The barriers in time for disruption in blockchain tech, is walled down. The blockchain is all set and ready to disrupt industries everywhere. The next stop of blockchain is in the direction of the telecom industry.