Unleashing the Potential of Blockchain Technology beyond coins The blockchain is the ingenious tech invention that’s all set to take the world by storm, and the bitcoin is the powerful cryptocurrency that’s creating a buzz around with record-breaking exploits..
Many times, the terms bitcoin and blockchain are used interchangeably just because bitcoin was the reason the blockchain platform was created and a couple of years back, the blockchain technology’s potential is untapped for various industry verticals In a nutshell, the blockchain which is an incorruptible distributed ledger that can be programmed to record the immutable transactions is picking up the pace in the market due to its loads of advantages that IT giants and industry leaders have realized. Let’s take a sneak peek inside at how distributed ledger technology is hell a lot more promising than the bitcoins for which it was engineered to support: PROFOUND DATA SECURITY THAT GIVES A PEACE OF MIND This is the reason the banking and financial services are jumping onto the blockchain bandwagon to enable quick transactions while maintaining a high degree of trust and accuracy, reducing transaction costs, maintaining transparency to ease risk management, and strengthening the relationship with the customers. Moreover, the banks are also in the planning stage to build the services on the top of a blockchain platform to manage the legal documents or create digital wallets. Smart contract a possible antidote to the business challenges Adept Smart contracts developers leveraging the technology, agreements are validated, signed and enforced via blockchain in an automated fashion. See how? When insurance contracts are turned into smart contracts, the policyholder doesn’t need to claim or the insurer does not need to conduct repetitive inspections for claim settlement and claim administration, the insurance will be paid to the customer against insured event automatically.