Why is blockchain technology revolutionary?April 26, 2019
The rise in value from pennies to nearly 450$ did catch the imagination of nearly the whole world and suddenly industries were talking of the revolutionary Bitcoin, its blockchain technology and whether this would actually lead to disrupts or be the enabling technology of the future in all financial transactions. In the US companies like the conservative IBM, groups like the R3 Consortium and newbies like Bloq and several others were responsible for viewing and transforming the interest in Bitcoins to the revolution of Blockchain technology. Today the world of Fintech, banking, and sectors like the real-estate, stock-markets and recording of financial transactions have more or less integrated the blockchain technology into their systems.
What is revolutionary in blockchains?
At present, there are two segments namely those using the blockchain adapted to their own systems and processes to increase efficiency, provide transparency and make financial transactions secure and immutable and the Bitcoin open network operating globally for cryptocurrencies.
Blockchains were termed revolutionary for the following scoring features.
- Cryptocurrencies became tradable assets.
- Code rules all transactions: The blockchain is based and governed by its coding. Once recorded it cannot be changed or tampered with. Also, the digital records are available to the public and thus ensures a safe, immutable, recorded transaction.
- No governmental, legal or regulatory involvement as a third-party exists.
- Trust and records between transacting parties without the involvement of institutions and banks were welcomed.
- Data is permanently stored.
- Blockchain verification and public record verification were used to track and verify every transaction.
- Access is only through your private key.
- Use of a reliable currency exchange platform prevents hackers and ensures safe transactions.
- The receiver address is very important: In a digital and decentralized system once you transfer to a wrong party there can be no charge-backs or support interventions.
- The possibilities of using tokens to make purchases, trade, sell or buy anything in virtual currency.
- The accompanying digital wallet has enhanced security and can be password protected.Whether the technology will actually be adapted and change the banking industry, whether the blockchain is an enabler or will cause a disrupt and whether Fintech will really take off is a matter of speculation.
To learn all about blockchain technology or avail blockchain training one can do a fintech course. Such courses have several advantages and can give you a headstart if you are interested in pursuing a career as a blockchain developer. It is recommended you do a certified course from a reliable institute like Imarticus. This ensures you get both the theoretical knowledge, technical skills to adapt the learning into solutions, and the practical knowledge of trends and industry-relevant knowledge to further your career. While certification does help in this evolving field, it is best to remember that opportunities will grow exponentially and will depend entirely on your skills.