blockchain

Broad Regulations And Less Scam To Be The Future Of Blockchain

The emergence of Blockchain technology has revolutionalized many aspects of our daily lives, from government, finance, and security frameworks. Blockchain technology has upscaled the way of doing things.

It is predicted that by 2025, major corporations will spend huge resources, close to $29 billion annually, on blockchain-related services. Accordingly, leading tech giant, IBM, plans to invest over $200 million in research and development.

Moreover, more than 90% of European and American banks are exploring the possibility of adopting Blockchain technology.


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Although Blockchain has only made waves worldwide in the last few years, the technology is seen as a disruptive innovation. It is right on its way to becoming the live wire of different industries. 

So what does Blockchain technology brings that makes it become the latest buzzword?

What is Blockchain Technology?

Blockchain is a shared and inflexible ledger that aids in processing transactions and tracking assets in a given network. Virtually anything that depicts value can be tracked using blockchain technology. It is the new brain behind many disruptive innovations in the digital asset space.

Meanwhile, the most important thing about this technology is that it is cost-effective and reduces risks to a minimum.

Blockchain technology is a game-changing invention that businesses can use to process information faster and accurately. The technology provides quick information access, shared and stored in an immutable protocol accessible by owners or members only.

Blockchain technology is so groundbreaking that it can track orders and payments and provide unrivaled security to users. Furthermore, it has an appealing feature due to the built-in smart contracts.

Additionally, the smart contracts quicken the transaction time through a specially designed set of programs stored on the system. These programs are automatically executed and can define the conditions for other activities like corporate transfers.

However, despite the rapid and unprecedented expansion of Blockchain, the technology is still without its flaws. The rising incidence of cryptocurrency fraud, where scammers carts away investors’ funds, is one blemish on the Blockchain technology space.

Additionally, the decentralized finance (DeFi) rug pull has left another dent in blockchain technology’s ability to prevent such an event from happening.

However, experts believe that the space is still evolving, and issues like this can be addressed as developers put in more effort.

Can the Industry Address the Issue?

According to the latest entrant to the blockchain industry, Concordium, the sector can eliminate the problems with time. The Blockchain technology space can become a safe place for users if it implements countermeasures to address the issues.


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According to Concordium, it has developed an integrated identification layer to increase users’ privacy. Moreover, this measure is to increase accountability and transparency in its platform.

The blockchain industry will need to increase user authentication to boost accountability. As more users become confident in the security framework, it will build further trust.

Blockchain technology brings a disruptive solution for many sectors, but many flaws need to be addressed as the technology continues to evolve and expand.


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