The Future of Blockchain Technology

Zakir Hussain, BD soft, Country Partner of Bitdefender

The technology that not only supports cryptocurrencies but is also apt for businesses, Blockchain has gathered a lot of traction very recently. Eliminating the intermediate authorities, Blockchain has gained prominence in various sectors including financial services, banking, insurance, retail, cloud, and IoT. This helps in streamlining the businesses and governance and non-profit activity. When it comes to the future of Blockchain, it is likely said that it is the Future.

Not just the cryptocurrencies, Blockchain can also be used for interbank settlements through the help of IoT. Moreover, the exclusive growth of Bitcoin also promoted the reliability and benefits of the underlying technology, Blockchain. However, the major virtue of Blockchain is to help to address several modern-day security concerns, including the issues with contracts, identity and fraud management.

Blockchain: Transforming Global Business Transactions

It will allow the retailers to the online platform and financial organizations to effortlessly vet their customers and fight against fraudulent activities. It is very much evident that the technology will become default wherever there is the need to ensure the integrity of data. Being adopted by the central banks, it will widely be adopted and used by the cryptographically secured currencies and could replace the banks. Its might can reduce the UBS’s infrastructure costs in cross-border payments, securities, and regulatory compliance by as much as $25 billion a year by 2020.

Zakir Hussain, BD soft, Country Partner of Bitdefender

When it centrally revolves around cybersecurity, Blockchain features its key virtue of providing unsurpassed security in an unsecured Internet where phishing, malware, DDOS, spam and hacks put in danger the way businesses are done globally. Additionally, Blockchain is one of the strongest and most effective systems since its existence from 10 years.

Distributed across multiple networks, makes it extremely hard to bring down in case of authoritarian government or illegal business practices. It also removes the middleman when it comes to legalizing the contracts. On the digital platform of advertising, certain challenges such as domain fraud, bot traffic, lack of transparency and lengthy payment models, are hovering currently.

The blockchain is the solution to bring transparency to the supply chain because it inherently brings trust to a trustless ecosystem. With the recent cybersecurity attacks that had led to made privacy on a stake, cybersecurity systems were too threatened but new technologies such as Blockchain have the potential to reduce the cyber risks by offering authentication through a visible ledger. Still, in its younger and emerging phase, Blockchain is here to stay and all the ad tech companies are one of the ways to not just secure the business, but also improve the efficiency from the current state.

Can blockchain be used in digital lending?

Industries are just realising one of the core innovations of the Blockchain as its ability to reduce or eliminate trusted counterparties in the transactions process. It has the potential to generate new industry opportunities and disrupt the existing technologies and processes, making the world even smaller as it increases the speed and productivity of the transactional activity. Small business too can use Blockchain to create a trusted trading platform amongst them.

Blockchain will bring future job prospects as well. The demand for the people who possess the practical Blockchain implementation knowledge has far outpaced supply, effectively marking opportunities for the tech recruiters. There is an entirely new way for businesses to interact; with Blockchain’s revolutionary technology, it will leverage the demands of software engineers with the cloud and artificial intelligence as really a hotspot.