Blockchain evolution - from Fringe to Mainstream

Blockchain technology has long existed in the information space; many people know the theoretical aspects of distributed ledger technology yet doubt the practical implementation of blockchain in their business model

The technology itself is simple enough to understand. The key point that it doesn’t not require a third party to “witness” transactions. Therefore, its use is safe because of its simplicity. What matters are the system development tools.

Blockchain technology is applicable to all types of business. You can be an individual entrepreneur, a small organization or one of the largest companies all can benefit from its implementation. To understand this, one must realize that the blockchain is only a network of decentralized blocks and that the blockchain is not always a cryptocurrency. The decision to use the technology can significantly reduce the costs of some processes that come into the database structure (and there are many), or even eliminate them completely.

Many large companies (IBM, FedEx, Walmart, JPMorgan among others) have been able to create a business model that balances centralization with decentralization. Porsche uses the blockchain to create applications for cars, IBM uses the blockchain for cargo tracking systems, and the common food safety system with Walmart. Just imagine how many software processes in the world are similar to the freight tracking process (for example, the accounting system for the supply of goods in a store, the drug accounting system in the pharmacy chain).

In these cases, the blockchain ensures the operation of certain processes in the organization but does not affect the organizational structure. The creation of smart contracts reduces transaction costs, in some cases excluding intermediaries and reducing red tape.

There is another non-hybrid approach to use the blockchain, for example using technology to create fully decentralized platforms. These platforms offer a high degree of security and transparency of processes.

An example of such a system, fully open to users, is RangeTrade's innovative trading platform developed by AZN. The benefits of the platform are provided by the invariability of smart contracts and the ability to view all transactions in the system. This solution used the popular Ethereum blockchain to power up DLT.

Even though today the blockchain's advanced use is primarily captured by FinTech and Banks (new cryptobirds are being created almost every day, banks are beginning to trust the blockchain, creating new high-tech transfer systems, logistics systems, etc.), the blockchain has an enormous development potential in other fields of application (insurance, medicine, sales, education).

Blockchain is a decentralized database with a high level of security and a high degree of protection against compromise, with the ability to automate the execution of transactions. Virtually any task associated with a chain of actions can be optimized using blockchain technology.

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