Blockchain Enables Decentralization

CIOReview Team | Monday, 30 April 2018, 05:47 IST

Blockchain technology is expanding its exposure to the world. According to a report published by MarketsandMarkets, a market research firm, the Blockchain market is expected to grow from USD 411.5 Million in 2017 to USD 7,683.7 Million by 2022. Many businesses are getting benefited from the technology, as they don’t have to pay an extra penny for the transactions. The transaction process is also done with transparency and immutability. The blockchain technology was first used for cryptocurrency and now it is being used in different sectors of the industry. According to the Juniper Research, six of 10 large corporations are either implementing the technology or in the process of deploying blockchain technology. The research also claimed that especially those companies will be benefited which have a need for transparency in transactions, dependence storage systems and a high volume of transmitted information.

The technology is not only used in the cryptocurrency domain, but it has several applications which can be seen in the healthcare, Supply chain, banking services, manufacturing, real state, digitizing land, records, etc. Because of its diverse application, it will definitely create jobs for many young professionals in the coming year. The top companies across the globe such as IBM, Microsoft, Intel, JP Morgan Chase are hiring Blockchain developers in huge numbers and they have started using blockchain technology already.  The rise of the technology has just started and it will bring many opportunities with it and grab those opportunities, the Indian government is planning to work on the technology to take a step forward towards digitization for account transparency, integrity and security. To support the digitization of India, Reserve bank of India has decided to make a committee to study the application of blockchain and form decentralized and cashless banking system.

We already know that blockchain is a boon for the Fintech companies but we should be aware of the challenges that it brings regarding the skills and approval from the regulatory authority. As it is at its inception, there is a shortage of skilled professionals to work on this technology and with the increase in the cases of bitcoin theft, it is required to make security more powerful.

Blockchain technology is taking its baby steps as there is much more to learn and explore the field of the blockchain. There is no doubt that it will bring a better-decentralized system. It will surely make transactions much faster and secure but we have to be careful with that as we don’t know what outcome it will bring in the coming years.