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Blockchain in the Coming Years

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Saroop KP

For many, blockchain is still a contraption that does not freely make any progress on the better side of a business. Not only blockchain, but the whole segment of emerging technologies is a form of poltergeist for the many that are not well updated with the advancements in this domain. Majority of the enterprises are not well aware of this technological phenomenon which could not only transform, but also ameliorate the way of operations. Within the short span of its arrival, blockchain has become a competitor to payment technologies like credit cards or PayPal, in supply chain management, and in business intelligence etc. Blockchain paves the technology for enterprises that demands transparent transactions transactions and secure record keeping.

Blockchain is secure and faster due to its infrastructure of immutable chained records, and for the system that works within interconnected computers. The coming years will see an extensive adoption of blockchain amongst enterprises for cost reduction and process simplification. The year 2018 saw the promise of blockchain in delivering top-line advantages to firms, but by the end of 2019, it will continue to advance in adoption of cases with bottom-line benefits. Though blockchain had its initial disruption marked in financial sector, now it has started witnessing tractions over healthcare industry by easing off the burden in storing patient records and providing the entire information online in a secured way. A much bigger segment that augments the application of blockchain will be the customized mobile applications. Beyond industrial practices, it is sure to generate an advantage in tackling the security breaches by using it for identification purposes.

In order to get blockchain projected into a wider audience, a support backed by the government is essential. This could meter the power in getting potential applicants such as banking, insurance, pharmaceuticals etc. to function within the norms set by the government. This could empower a huge leap in jurisdictional operations that include federal and state governments to renegade transformation to intergovernmental and citizen transactions. Since the applications of blockchain technology in the coming years displays enduring possibilities, the statistics that shows global blockchain market growth is worth USD 20 million by the year 2024. Looking at the trend, it can be ensured that companies in nearly every industry will rush to take advantage of blockchain and adopt private versions of blockchain and cryptocurrency in the coming years.

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