Why is Blockchain the next big thing?

Blockchain is the hot topic in the market. Almost everyone liked the internet has to have heard about it at least once by now and those who are deep into cryptocurrency investment they know what it is and how it works.

But the burning question in everyone’s mind is that “Is Blockchain the Next Big Thing?” We have seen the interest in Machine Learning and AI has increased in the recent times. Big Data is also a contender. But what is it that makes Blockchain The Next Big Thing?

For one, Blockchain tech is simple and yet secure. It replaces many old and laborious systems in place. When Satoshi Nakamoto brought Bitcoin into existence, Blockchain was envisioned as a method to efficiently keep track of Bitcoin Transactions and prevent Theft, Fraud,and Corruption.

Blockchain

It has achieved all that. And now, tech giants and pundits have seen the potential it holds. Blockchain can replace the whole Banking Sector Tech, it can be used to store Information Online and it can be used in the Fields of Medicine, Food Storage, Personal Detail Storage and so much more.

Imagine this- with Blockchain as a service with proper implementation, you can keep track of the expiry date of products in a supermarket. If the product is past its expiry date, the manufacturer would know it, the seller would know and you, the customer would know it. There are no means to fool the system since the whole thing is happening in a decentralized fashion and everyone has access to the info.

Many organizations have started adopting this technology. Walmart, for instance, has collaborated with IBM to incorporate Blockchain. FedX, Bright Earth (jewelry) and many more have done so with the same intention- Security, Transparency,and Decentralisation. Blockchain truly is the Next Big Thing.

 

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