Introduction to blockchain
Blockchain is a distributed digital ledger that stores data of any kind. It can record information about a non-fungible token (NFT) ownership, cryptocurrency transactions, or decentralized finance (DeFi) smart contracts. Blockchain these days is an innovative database technology that works with almost all types of cryptocurrencies. Blockchain’s official application was first introduced to the world with the launch of bitcoin in 2009.
Importance of blockchain
- This technology is always secure due to its encryption feature
- The authenticity of a transaction is confirmed and verified by participants
- It is an immutable public digital ledger, meaning when a transaction is recorded, it cannot be modified
- Blockchain is not just used for handling transactions but can also be used by businesses that share and exchange any information related to the transaction.
Let us explore the top blockchain trends that will impact businesses in 2022
Top blockchain trends
Demand for cryptocurrency is rapidly growing these days including the blockchain industry. So, let’s know how blockchain can transform your business.
Blockchain as a service
Big organizations have started hiring blockchain engineers and developers and they are providing blockchain services. Organizations like Infosys, Microsoft, and Amazon are working on blockchain innovation. Businesses dealing with storing and transferring data can implement blockchain technology to fully automate these transactions in several business areas. This is a blockchain trend that is adopted by multiple businesses these days which is not only secure but also reliable and real quick. Blockchain as a service or BaaS allows buyers to build digital services, and blockchain applications on a distributed network while the vendor supplies block building tools and infrastructure.
Blockchain for innovative progression
Talking about different industries, Tesla has been doing great work in cars. The company has been using blockchain to ensure users can fully track cobalt’ From mine to battery’. When we talk about food supplies Walmart’s name appears on the top of the list. The company has sent letters to its suppliers of farmed goods requesting them to track their produce using blockchain. Similarly, to target the right customers and bring changes in the business, blockchain business opportunities are something that every business person should look out for. IoT applications are found in every industry and all parts of life these days. As devices become more technologically connected and advanced to the cloud, blockchain technology provides a decentralized scalable platform for securing IoT applications and devices.
Blockchain for artificial intelligence
Blockchain-enabled AI data storage systems are a potential solution for maintaining and building trust between AI applications and human communities designed to benefit them. This blockchain trend can enhance AI data security if it is supported by a peer-to-peer network of users without any intermediary to automate business processes. PwC predicts that artificial intelligence will increase global GDP by USD 15.7 trillion by 2030. Swift expansion in data generation and computer power has made IoT, blockchain, and AI most responsible for the development of commerce and other sectors and also boosting economic growth.
Blockchain applications to counter fraud
According to a study conducted by the Association of Certified Fraud Examiners, the average loss per fraud case is about USD 1.5 million. This type of malicious activity can be prevented using blockchain innovation. Since multiple people add data stored in this technology across a peer-to-peer network there is no single point of lapse and no single administrator. Once created, cryptography is used to protect the block. Everyone in the peer group will have authorization which makes it next to impossible to have any kind of fraud. In case of any changes, all the parties are supposed to approve the transaction through a consensus process. The blockchain transaction cannot be deleted or edited and is unchangeable.