Blockchain technology is still a rookie in the tech world. Tech enthusiasts are unleashing the power of distributed ledger technology for enterprise solutions with privacy and transparency. The former two concepts may be contradictory, but for enterprises, some areas must be private, and the consumer goods have to be transparent. This way, the entire blockchain tech world is trying to render enterprise blockchain services for every sector to enhance immense legitimacy!
Now, let’s dive deeper into the past, present, and future scenarios of blockchain technology and the enterprise tech world!
Past, Present & Future of Blockchain Tech world
Rewinding the Past Scenario
Blockchain technology was invented as a distributed digital database that records transactions of Bitcoin(First-ever Cryptocurrency) in chronological order. Later the crypto and tech space have started exploring the potential use cases of blockchain tech. In the upcoming years, a better, open-source blockchain platform that the world requires landed into the tech space. Ethereum, the pioneer of the Blockchain 2.0 revolution, introduced many features that can complement the DLT and enterprises incorporating the technology.
Ethereum blockchain platform paved for peer-to-peer transactions, smart contracts, consensus mechanism, and much more upgraded features with a developer-friendly programming language. However, people find it hard to believe others without any intermediaries. Right from the internet evolution, it was invented for peer-to-peer transactions of files, messages, calls, and other information. In due course, people started relying on large brands like Google, Yahoo, Bing, Microsoft, Facebook, Whatsapp, and other service providers for secure data transactions.
As of now, many crypto wallets are available in the market that allows peer-to-peer, cross-border transactions without any intermediaries. But, people feel it better, secured when government organizations serve as an intermediary for blockchain and cryptocurrency transactions.
Exploring the Present Plot
Every sector in this world is growing rapidly, and it strives to withstand in the competitive market with leading features required for the consumers. Blockchain technology has rendered immense integrity in healthcare, supply chain, real estate, and many more sectors with its splendid aspects. However, industries require some privacy to maintain their official records that must not be revealed to the public. For instance, a chemical industry must not showcase the hazardous product manufacturing processes in the public blockchain platform, as anybody can misuse them.
In order to satisfy the industrial requirements, the blockchain platform must cover up both aspects of privacy and transparency. Hence, enterprise blockchain solutions must be afforded in public, private, and consortium(hybrid) blockchain platforms according to their needs.
With a hybrid blockchain platform, enterprises can experience scalability, high-security walls, cheaper transactions, devoid of proof-of-work, the more accessible examination of scams, and many more benefits at fingertips. Enterprises can reach its global audience with powerful DApps(Decentralized Application) without any employee or franchise costs. Currently, blockchain developers prefer enterprise solutions with Ethereum, Hyperledger, R3 Corda, Ripple, Multichain platforms.
Hopes of future suspense
Blockchain is about to hit the doors of every sector with the evolution of permissioned and permissionless platforms. Automated smart contract tasks can evolve through DApps within half a decade. Tech enthusiasts and crypto world predict the blockchain enterprise growth will be around $200 billion in the next five years, and it may exceed trillions in a decade.
The first brand implementing blockchain technology in its process must be rewarded by the government organizations to improve the adoption. Healthcare, e-commerce, and other ecosystems can adopt the blockchain tech to integrate operations, supply chain, quality standards inspection, consumer data, smart contract automated tasks, and other time-consuming tasks.
Blockchain developers are analyzing the possible ways to implement industrial solutions with viable applications and products. Intervening of government regulations for blockchain adoption can increase the trust among global leaders.
The nutshell of blockchain evolution
Blockchain is evolving from a rookie to a professional tech. In the present situation, there are many regulations, obstacles on inheriting blockchain technology into industrial solutions. But, soon, the DLT revolution can disrupt the entire world with immense transparency, quality standards, decentralization, consensus decisions, automated tasks, and scam-free ecosystems.
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