Initially, blockchain was thought of being ideal only for the banking sector but in recent years has also begun to create disrupt in other industries too.
The difficulty faced is very high when a company decides to bring about changes in their performance with regards to their core business, this may cover areas such as the introduction of new products and services to the market. It has also been that vast strains of development have been put on the enterprises, markets and also entire economies since the onset of the first digital age. Employees are also now refusing improvement as they seem to become used to the already set standards. They seem to be afraid of the cost and uncertainties that are associated with the promoting of innovations and the companies also are reluctant and refuse improvement frequently. Despite that considering the current hurdles, we must accept that change is necessary for any business that happens to seek to operate successfully in this current age of digital transformation.
Economic forces are driving companies to reinvent themselves, disruptive technologies such as the blockchain and AI are the key to such changes. Today’s latest technologies are in dire need to be adopted by the modern business in the same manner like leading business integrated the Internet into the context of their businesses during the onset of the digital age.
As the popularity of blockchain keeps soaring high, several organizations have now started using this technology. The potential for Blockchain is currently going to bring about a great deal to the table. One may also use blockchain in many applications such as the fields of the supply chain, medical care, govt fields, Insurance, banking, real estate and other sectors.
The very many advantages offered by Blockchain technology being implemented by firms include:
- Increased Accountability
- Better Performance
- Greater Security
- Enhanced Traceability
Whilst learning about blockchain 2 key things must be remembered firstly bitcoin is not the same as blockchain but rather bitcoin is a cryptocurrency based on the blockchain. Blockchain secondly speaking is not to be used exclusively in financial settings.
Hence we may see the great potential of blockchain being put into use in the coming future.