What Is Blockchain Technology? How Does It Work?
Blockchain technology has immense potential to transform businesses and government services. For sustainable growth of the Blockchain market, a unified regulatory framework is crucial, and it depends on the governments' will.
Blockchain technology and its applications in the banking,
financial services, and insurance (BFSI) sector have attracted a lot of attention
in the past few years, majorly due to its ability to transform existing
industries' foundations and business models. Presently, apart from
cryptocurrency applications, the other major practical applications of
Blockchain are still in the banking and financial sector; however, various
companies and institutions are now rapidly developing Blockchain-based
solutions to solve complex business problems. In general terms, Blockchain is a
subset of a broader distributed ledger technology (DLT), and it combines three
significant concepts – cryptography, smart contracts, and distributed ledger
design. Distributed ledger technology (DLT) is a fast-emerging approach that
records and shares data across various data stores/ledgers. DLT facilitates the
recording, sharing, and synchronization of transactions and data across a
distributed network of different network participants.
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Bitfury Group Limited
Ripple Labs Inc.
Hewlett Packard Enterprise Development LP (HPE)
Blockchain Market Insights
All the major industries worldwide, including BFSI, retail,
logistics & transportation, healthcare, automotive, media &
entertainment, and government, are embracing and investing in disruptive
technologies such as Blockchain, artificial intelligence, Internet of Things
(IoT), big data, and predictive analytics. The rising adoption of Blockchain
technology is driven by the successful use cases and proof of Blockchain
concepts in various industries that resulted in increased transparency,
enhanced operational efficiency, and reduced costs. The nature of businesses is
becoming very competitive in every industry worldwide, and to compete
efficiently, enterprises nowadays rely on technology integration into various
business functions to increase operational transparency and efficiency.
Blockchain has several applications in the financial sector,
including payments, capital markets, trade services, investment & wealth
management, and securities & commodities exchanges. Substantial cost
savings is one of the main drivers for the rising adoption of Blockchain in
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