Blockchain Development taking the e-Services world by storm The technology innovations come and go, but the potential use cases remain. The digital patterns of last decade are the best testament of it where we have seen the instances of many emerging technologies that have reinvented the past, present, and future of the e-services.
Recently, the technology that’s over the tip of tongues of startups and leading enterprise owners, government activists and financial institutions’ CEOs and CTOs is blockchain technology. Most probably, the majority of us have heard about the futuristic technology that’s certain to redefine every industry vertical which is working, operating and executing the processes online. The blockchain is also perceived as cryptocurrency, bitcoin because the technology is developed as an alternative to the digital currency. In reality, it’s more than the substitute to bitcoin and offering the world more than a payment option. It’s a powerful tool for everything we do online that can be- communication, transaction, shopping, or storing the data. Let’s clear up the air how it can be used more efficiently: In everything done over the internet, the data is recorded and that can be accessed anytime, anywhere, which is good. However, the easy accessibility, storage capability and high convenience offered by the digital services have the dark side, that’s every piece of information is at risk. Blockchain technology is the answer to the insufficient safety packed in the e-services offered. See how? At its basic, Blockchain records every piece of data and store it in the form of blocks or nodes, and then in the nodal arrangement. The blocks are chained together across a decentralized network of computers worldwide. The blocks are immutable and enable data exchange without having any intermediaries in between. All in all, the globally distributed ledger stores the blocks on the millions of computer ensuring the data storage and data sharing securely with no intervention of third-party, which establishes the trust in the technology and make it impossible for the hacker to fraud. It’s the reason that the blockchain is regarded as the second generation of the internet that dramatically reduced the cost of the transaction. In addition, the smart contracts on the blockchain mitigate the cost of the transaction by two folds with the self-execution and enforcement of the complex instructions, which eliminates the agency and coordinating costs. The digital piracy also comes to an end where the creators were not compensated in full for the intellectual property they have created. Blockchain offers a new platform where the artists can create a digital registry of