Blockchain is a hot topic everywhere like in offices and amongst technology enthusiasts. It is the topic of discussion in online forums as well.  The popularity of this technology has increased manifold over the increased use of cryptocurrencies. Blockchain is associated with cryptocurrencies however, there is more to it than just that as explained here.   

Blockchain app development continues to rise in popularity and is likely to remain so for a long time to come. This article provides more information on this technology and how it can benefit your business.  

What is the Blockchain Technology?  

Blockchain allows transactional records to be stored in the form of blocks. It is decentralized, publicly accessible, transparent, and immutable. 

This is the ideal method of making an authorized legal transaction for businesses. This is a more secure method of storing information where it is close to impossible to hack or change it. In layman’s terms, it is a digital ledger of transactions that is duplicated and distributed across the entire network.  

The unique characteristics of blockchain & DLT are what have made them so popular and generated their big type. Here are some of the main properties: 

  • The blockchain is programmable. 
  • Each transaction is stored on a block that is timestamped. 
  • All participating ledgers will have a copy of the ledger. 
  • The validated records are highly secure and cannot be changed.  
  • The identity of the individual is kept anonymous or pseudonymous.  

Blockchain Statistics & Facts 

  • The size of the blockchain market in 2017 was $339.5 Billion, and it was estimated that by 2021 it would be $2.3 Billion. 
  • This market is expected to grow to $20 Billion by 2024. 
  • A large number of banks in the USA and Europe are exploring the potential of blockchain.   
  • 74% of tech-savvy people believe that there is immense potential in this technology. 
  • Large scale investments are expected in this technology. 
  • Several financial institutions have spent over $552 Million on projects concerning blockchain.  
  • 24% of the companies are expected to invest anywhere between $5 million to $10 million in this technology in 2021. 

Common Types 

Blockchain technology is the ideal solution for various applications. It is possible to develop many types of applications including ones pertaining to cryptocurrencies. Some of the popular blockchain solutions are listed here: 

  • Permissionless Blockchain: As the name suggests this is a permissionless blockchain where the entire network can be publicly accessed. They can access it, interact with the network and verify the transaction. This is all possible while remaining anonymous. For e.g.: Bitcoin, and Ethereum. 
  • Permission Blockchain: This involves a closed ecosystem that only allows authorized access. The network will have several rules. It is ideal for database management, auditing, etc. A good example is Multichain. 
  • Wallet: The name of this is also suggestive of the application. It is a digital wallet that stores public or private keys. It is a cryptocurrency-based blockchain. It is possible to store, receive, as well as trade cryptocurrencies in several scenarios like centralized, decentralized, and hybrid. 
  • Crypto Exchange: This is essentially a blockchain system that is used to trade digital currencies. The way this works is that it accepts multiple forms of payment like a postal, credit card, postal money orders, etc. It also sends the cryptocurrency to your digital wallet.  
  • ICO: ICO (Initial Coin Offering) is a crowdfunding system that is useful for the generation and selling of cryptocurrencies. 
  • dApp: dApp (decentralized application) development service deals with apps that are not controlled by a single entity, instead it can be run by multiple users on a decentralized network in real-time.  

Popular Applications 

There are many applications of blockchain in various industries like supply chain, real estate, and many more, as mentioned here: 

  • There is tremendous potential for implementing this technology in the Fintech industry. In fact, this is the industry where Blockchain made its debut.  
  • Several governments around the world have considered taking advantage of what this technology has to offer. In fact, a country in Africa has already accepted cryptocurrency as its official currency. 
  • It has several applications in the healthcare industry as well. Some of the main features that make this possible include the fact that it is highly secure and flexible. 

Is Blockchain For Your Business?  

Blockchain has several applications and means different to different businesses. Since each business is unique, the type of application also differs. Here are some of the popular methods it can be applied:  

  • Financial Transactions 
  • Distributed cloud storage 
  • Smart Contracts 
  • Notary Purpose 
  • Supply chain management 
  • Loyalty programs 
  • Digital identification 

Divwy Technologies is a leading blockchain app development company. We are a well-established firm with a great deal of experience. Our skilled developers keep abreast with current technologies and have all the resources of our firm at their disposal. Contact Divwy Technologies to make the process of implementing this technology simpler. 

Summary 

Blockchain technology is gaining in popularity and happens to have a wide range of applications. Divwy Technologies offers a wide range of services including those pertaining to Blockchain. This is the best firm to gain vital support and assistance.  

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