Blockchain is a new technology that provides solutions for systems socially concerned with money and identity thus because of blockchain business and its operations have transformed in several ways such as financial services, retail, healthcare, banking and government. The major factors that enable or made this kind of technology to penetrate across the world are the need for solutions to enhance business efficiency and the benefits are to gather or receive spontaneously. Using blockchain technology for your business or private use, this will give you security on your data because the information is only distributed but not copied, speed of processing for your works and access, traceability because your transactions are recorded in chronological, and you'll have a record of transaction of specified data so it is easy to find and manage and transparency because the transaction is recorded publicly and these are some prominent features of this fascinating technology.
The level of decentralization or the transfer of authority from central to sub/ single administrative of an enterprise has never been easy to provide with the existence or use of Blockchain technology because it greatly helps in managing the information, records and transaction. Through this, the access can be allowed only to specific users, which are based on their preference because the Private, public and the hybrid platform of blockchains can use blockchain technology to modify their users. The Media and Entertainment, BFSI, E-commerce and Retail, Healthcare, Government and Utilities, Telecom and IT and Hospitality, are some fields where Blockchain technology can be applied in society and industry.
The acceptance in the Finance and Banking industry have increased because of the technology, many people have trusted their money in the bank and use it to help them manage their money, and usually, it is used for exchange, payments, digital identity among others, smart contracts and documentation. And because of these banks and other companies need to have a technology to manage everything and provides an accurate record of data and transactions, and there's where blockchain technology can be helpful in providing solutions. It held a prominent place in the market because this can be used for monitoring the financial transactions, to maintain the security, to document each individual's activity and decentralize functions.
The outreach of public benefits, public policies, and payments will improve because this technology will generate opportunities in government sector. With the use of this platform, the transparency within the system and process will increase, the security will be improved, the operating will be efficient, and reduce of bureaucracy which refers to a multilayered system or processes of an organization. Moreover, for the secure keeping of records and transferring of patient's information, this technology is used in the healthcare market so the diagnostic procedures would speed up.
Technology really made a big impact on the society, changes in the industry will be constant and each in everyone especially the business field must learn to adapt to these changes by using the technology so that a large number of people's information and the everyday transaction will be easy to manage and organize for growth.