The blockchain is a public electronic ledger which can be shared openly among different users. This helps to create a record of transactions which is unchangeable. Each of these transactions is time-stamped and then linked with the previous one. And each of these transactions or digital record is called a block. It lets a controlled or open set of users to take part in the electronic ledger. With blockchain networking and blockchain cryptography exchange software people all around the world can take advantage of the blockchain market and start their own exchange service.
Blockchain popularity worldwide
According to a report, the market of blockchain is growing at a compound annual rate of 53.2% and is expected to reach $12.48 billion by 2025. This technology is being used in different industries like insurance, financial institutions, stock exchanges, music, diamonds and others. Till date, 16.5 million bitcoins have been mined since 2009 and every day the rate of the transaction is increasing. Though blockchain is new, it has incredible potential. A number of countries like Singapore, UK, Switzerland, Dubai, Cyprus have already started adopting and growing the blockchain technology to implement across services like healthcare, logistics, real estate, trading, security, banking, finance, and governance.
Advantages of blockchain in various industries
With the advancement of the blockchain, various industries will be getting extra advantages. They are:
- Supply chain management: Blockchain technology offers the benefits of cost-effectiveness and traceability for supply chain management. In order words, blockchain can be used to track the origin of goods, movement of the goods, quantity and other factors. This provides a whole new chapter in the case of transparency to B2B (Business to Business) Ecosystems. This readily simplifies several processes such as payments, production process assurance, and ownership transfer.
- Quality assurance: A blockchain system can help to find the point of origin when any kind of irregularity is detected during the supply chain. This helps the industry to easily carry out investigations and then execute necessary actions. One example is the food sector, where the industry can track origin, batch number and other information in order to maintain quality as well as safety.
- Smart contracts: Contractual transactions can be time-consuming and can slow down the growth of an industry. With smart contracts, it will be done in a fast manner as it eliminates the mediators.
- Trading: Blockchain trading also promises instant trades and low fees on financial assets of an industry.
Other areas where blockchain is advantageous to industries are stock exchange, energy supply and peer to peer global transactions.
How is blockchain helping the underdeveloped countries?
High unemployment, inflation, corruption, and poverty are some of the common problems in the underdeveloped countries. But because of the introduction of cryptocurrency and blockchain, a renewed enthusiasm has been created in these countries. The factors on which blockchain are helping the underdeveloped countries are:
- Reducing remittance cost– The cost of remittance along with hassle regarding receiving international money can be reduced.
- Improving financial inclusion– With the advent of the blockchain, millions of unbanked people can have the access to financial instruments and banking services.
- Fighting against corruption– Citizens can be monitored in which state funds are used with the help of blockchain.
These are the various aspects of Blockchain which helps in the smooth running of the world in a much efficient way. To be an active participant in the world of cryptocurrency one can log on to HashCash website which offers its very own crypto-coin as well as owns a cryptocurrency payment exchange platform HC Net. You can buy any cryptocurrency via the company’s mobile app ‘ Paybito’ which has its web version out in the market as well.