Why is blockchain technology important ?

Blockchain is one of the most popular and fastest growing skills in the IT sector today. There are said to be around 44% of organizations that have adopted blockchain globally. We all know that this technology has taken a major turnaround in the industry given its popularity in providing safe and secure online transactions. This technology is already the talk of the technological world. Although it is a complex technology, most people and organizations have started to adopt blockchain due to the many benefits it offers to the industry today. 

In addition to the financial sector, it has also gained a lot of attention in other industries. Before we continue, let's try to understand what  blockchain technology is, its importance, its impact and decentralization. Blockchain technology is a decentralized ledger that keeps track of transactions that take place in a peer-to-peer network. This technology enables participants across the network to confirm their transaction without the need for a central authority, this includes money transactions, voting and settlement of transactions and many more. Well, when it comes to the latest technology, I'm sure no one wants to fall behind the competition. It's the talk of the town, and most companies are moving to blockchain to improve their business models, payment methods, and cloud storage, etc.

The importance and impact of blockchain technology and decentralization:

● Security purposes

   The digital world is full of hackers looking to violate information or steal data from sources.
   With blockchain technology, stored information has robust security that makes it impossible to            hack  it.

● Transparency

    Since everything is displayed on the web, there is very little chance that any kind of discrepancy          could be created.

● it is cheap

    Most of the traditional financial models that are available in the market are expensive, however          with blockchain it is inexpensive.

● Less transaction time

   An individual can send, receive money and financial documents in a couple of minutes, this                 reduces  the burden of waiting for hours together.

● Financial efficiency is increased.

   The decentralized blockchain allows one to conduct person-to-person transactions without the              involvement of a third party. This help saves a lot of money when making transactions,
    unlike traditional banks.

● Protect companies from fraud.

    Blockchain is open source ledgers, so it is very easy to identify if fraud has occurred since every          transaction is recorded in them.

Blockchain technology solves key problems such as trust in a network. By changing the key parameters, trust, any organization can concentrate on solving the problems in question. Global governments have also understood its importance and are interested in implementing blockchain technology. If you are working in the industry, you should know the advantages of blockchain technology, It will help you to know the next changes if your company is currently receiving blockchain or plans to implement blockchain in the future. Let us begin.