The last decade was quick! Quick in terms of transformation, innovation and application; we witnessed the digital era. Right from supercomputers to smartphones, the transition has been massive. Today, we are at the threshold of a new world order where blockchain will play a major role in shaping human experiences and interactions. It would mark the beginning of a completely new era of decentralization of power through more democratic systems that distribute and relegates authority to multiple participants working with the blockchain network. Gone are the days when a single point failure would lead to a complete blackout of information. What follows would be a new dawn in the era of the cryptocurrency revolution and blockchain revolution. Today, decentralized architecture systems secure information, provide full proof security and are highly scalable propositions highly suitable for the existing business ecosystem.
What changes can be expected from the modernization of digital technology especially in the segment of DLT?
- No Single Point Failures – There would be no single point failures since the power would be distributed between the participants. None of them would have the capacity to manipulate transactions since all transactions would be time stamped.
- Heavily secured – The blockchain technology uses a simple ledger-based technology that uses hashing to secure the transactions. The process of hashing simply negates any chances of manipulations. Thus, it would always emerge as one of the most secure platforms of transactions in secured business ecosystems.
- Quick – The cross border remittances are slowed down by the participation of third parties who deliberately take time to settle accounts and charge hefty remittance fees for the same. The removal of third-party remittance platforms from the existing ecosystem of business. All participants can enjoy seamless accessibility along with the other benefits offered decentralization.
The future of businesses would be principally governed by two technologies. The first one would be decentralized distributed ledger technology followed by IoT. For those who are not so familiar with IoT; Internet of Things is a continuous network of interconnected devices that are linked through the internet. This massive network of connected devices makes it one of the most sought after platforms in the world of business.