Blockchain provides Security, Immutability and Transparency
Many organizations and enterprises have adopted Blockchain, and its growth is undeniable. Due to the impact Blockchain has created and the potential it has shown, it led industries beyond finance to follow the steps of implementing such technologies also.
Blockchain allows distributed nodes to connect with each other without the need for a centralized authority. Security, Immutability and Transparency are the benefits of the distributed ledge technology. With that in mind, companies are looking for ways to provide solutions and new user experience.
Blockchain Transformation is a challenging process that requires extra responsibilities due to the nature of it being ¨new¨ and yet to be fully discovered. Blockchain has the potential and will most likely transform the internet, how it connects different parties and makes transactions.
The Traditional Way
In order to understand the benefits of Blockchain we must consider what it aims to replace in the process of Transformation.
Systems were working, but they did not take advantage of decentralised networks. The necessity for such control is not currently the priority of users who have adapted to faster systems that operate openly and in a more direct manner.
Automation was limited as central authorities were required due to the lack of alternatives. A network has been formed between industries, companies and users on a global scale, creating a demand for new systems. This demand allows the Blockchain technology to be explored and implemented anywhere.
Abandoning centralised authorities will be the major impact caused by the implementation of Blockchain throughout various industries, once it becomes part of the daily lives of the majority of the population.