How Can Blockchain Development Companies Help You Grow Your Organization
Blockchain technology potentially eliminates enormous amounts of record-keeping.
Blockchain technology has certain notoriety with the rise of Bitcoin cryptocurrency. When it first appeared 11 years ago, the Internet was flipping out because this new complex technology potentially eliminates enormous record-keeping, helping saving capital and streamlining supply chains. If you’ve been following banking and investing, you’re probably already familiar with its name and applications. In that case, we assume you understand that cryptocurrency is only one of many blockchain applications.
Many businesses are turning into blockchain as it’s the solution to many problems. Adopting blockchain as one of the digital transformation strategies has helped many organizations gain a competitive edge. Some of the outstanding features that make it a breadwinner are:
- Peer-to-peer interaction
- Data security
The ultimate goal of Blockchain technology is to create a transparent ecosystem in which users trust to exchange data on digital platforms.
How does it work?
Thousands of transactions are making every day on the internet by governments, societies, and economies: e-banking and e-commerce. Let’s understand blockchain as a distributed ledger recording everything that happens, like exchange value, goods, private data, etc.
Each “block” in the blockchain contains information recorded across all computers. Every time someone makes a transaction, that data becomes another block. All involved blocks can’t be altered without altering all subsequent blocks, which means once new data are added, they cannot be erased. This feature gives all participants the ability to verify and audit the information independently and credibly.
The blockchain database is managed autonomously using peer-to-peer networks, which means it isn’t controlled by central authorities like banks or government departments. Anyone can make recorded transactions on the blockchain.
You can hire blockchain software developers at blockchain development companies to work with the technologies and build more robust solutions for your business.
When it comes to blockchain technology, we cannot skip the banking industry. With the current global banking industry worth $134+ trillion, distributed ledger technology and blockchain could support some essential services that banks provide:
- Establishing a ledger for payments
- Facilitating faster payment with lower fees
- Tokenize stocks, bonds, other assets, and place them on blockchains to create more efficient and interoperate capital markets.
- Lower interest rates when it comes to loans and credit.
It is strongly believed that blockchain technology will change the banking industry entirely by 2025 (European Payments Council)
One of the most promising uses of blockchain in higher education is to change the way education providers typically store degrees, certificates, and diplomas. Because the credentials are under learners’ control, there is no need for an intermediary verification.
The University of Melbourne has started using blockchain to issue digital qualifications since 2017, allowing students to share verified copies of their credentials with their potential employers and other third parties.
According to Gartner 2019 CIO Survey, 2 percent of higher education institutes have already implemented blockchain technology; 18 percent of the education providers plan to deploy it within two years.
Another use of blockchain technology in the education industry is to increase the business processes’ efficiency since verifiable lifetime testamurs and transcripts could help in reducing CV fraud, streamlining the student transfer processes between universities, making sharing resumes between states and countries easier.
In Media and Entertainment Industry
Surprisingly, the Media and Entertainment Industry can also benefit from blockchain technology as it offers security and transparency for many businesses.
For example, the royalty distribution in the music business becomes more complicated. Every time a song is streamed on one specific channel or played in the TV show’s background, the distributor has to pay the music’s copyright holders. Blockchain will act as an intermediary in gathering payments for rights holders.
Blockchain is a potential money-making tool for content creators and media companies. Blockchain technology is maturing; eventually, media and entertainment companies who want to survive in the business sector should learn more about this technology and its applications.
About TP&P Technology
As a top leading software outsourcing company in Vietnam, we offer many IT services, including software development outsourcing, big data consulting services, SAP ERP consulting services, cloud-managed services. You name it, we provide it. Blockchain is not excluded.
If you have any questions about blockchain technology, please contact us and talk to one of our best IT engineers here in Vietnam.