Blockchain and its Growing Influence in Enterprise Applications
A blockchain, is a set of immutable data records with a timestamp governed by a cluster of computers that do not belong to any entity. Each of these data blocks is protected and linked by cryptographic principles.
The massive hype surrounding the blockchain in recent years has contributed to a significant increase in the number of crypto supporters and enthusiasts. In addition, this technology offers its users the opportunity to raise funds during the initial phase of the project, issuing specific tokens on a dedicated web platform and their subsequent distribution to the project's first supporters.
Cryptocurrencies are the most manifested blockchain apps. Undeniable advantages of distributed ledger technology (DLT), such as openness, transparency, and a decentralized approach, are attracting increasing attention. In addition to using blockchain technology in healthcare, data tracking, and data storage, many other sectors successfully manage distributed records. Such segments include banks, insurance, energy management, government services, real estate, and others.
Segment-Wise Application Of Blockchain Technology
As finance is the most lucrative segment in terms of blockchain application, let start from here first,
Banking and finance
The banking world was initially skeptical of the blockchain, as most bankers saw a threat in the proposed decentralized principle. However, when banks realized the full potential of this technology, they started using it. Some institutions use it only for internal purposes. Published optimistic financial projections provide good prospects for banks and blockchain integration. According to the forecast, bankers could cut third-party spending by $20 billion by integrating blockchain. One of the leading examples of blockchain in the banking sector is Ripple. The company's real-time gross settlement system allows for fast and accurate processing of international payments.
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Also Read - http://panaceatek.blogspot.com/2019/05/how-blockchain-is-reshaping-mobile-app.html