Blockchain was originally invented as a decentralized ledger for cryptocurrency Bitcoin transactions within the Bitcoin network. The distributed or decentralized ledger/database means a storage device where the ledger is located and is not linked to the common processor. It contains the ever-growing chain of transactions in the form of blocks. Blockchain, the name itself says a block of transactions linked together just like a chain. Now, it has the power to revolutionize our lives, economy, and the entire world. Today, we will discuss various aspects of Global Blockchain technologies.
The most important thing about blockchain is that its transactions are public. It means everything can be traced back to its origin. Here, each block is time-stamped and then linked to the previous block to become part of the blockchain network.
What is Blockchain Technology?
Before the arrival of computers, people used to keep their important documents safe by making multiple copies of them and storing them in locked steel safes. To have an added security feature, you will store your documents in a secret language (cryptic message) that you can only understand. Even if someone gets access to that, they won’t be able to understand the cryptic messages. There is also the availability of lots of backups as part of global blockchain technologies.
Global Blockchain Technologies and Security
Blockchain has the potential to shift the ongoing trading platforms because the investors who are to sell their stocks in blockchain platforms will have instant access to the funds without the traditional wait time. Then, the transactions that will occur via blockchain would be very fast and have a low cost. Most importantly, the transactions are more secured. Security is the main factor when it comes to Blockchain that has transformed the world a great deal. It’s so designed; it is very difficult to hack.
Here, the ledgers are decentralized which means copies of the transactions exist and are verified by the nodes. Once the verification is completed it will be sealed into a block. Changing it is almost impossible as the platform is extremely secure. It’s also used as a medium of voting not only in the USA but also worldwide. Blockchain technology will remove illegal trading but also it can detect illegal trading.
Top Blockchain Technology Companies
Blockchain has turned into a legitimate disruptor in several industries. The technology is so popular that 90% of US and European banks are exploring blockchain options. It can revolutionize government, economy, insurance, finance, and personal identity security, including many other industries. The global blockchain technologies market size has reached almost $3.68 billion and that is to expand by 82.4 from 2021-28 to $394 billion. It has emerged as a highly emerging technology in the IT field. The topmost blockchain technology companies include:
- Spring Labs
Key Players in Blockchain Technology Market
- IBM Corporation
- Microsoft Corporation
- Linux Foundation
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc. (GAHI)
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Limited
- Deloitte Touche Tohmatsu Limited
Application of Blockchain Technology
- Application & Solution
- Infrastructure & Protocols
- Digital Identity
- Exchanges & Payments
- Smart Contracts
- Supply Chain Management and others
End use of Block Chain Technology
- Financial Services
- Media & Entertainment
- Transportation & Logistics
- Travel and others
Top Trends of Global Blockchain Technologies 2021
Global blockchain technology companies are constantly engaged in exploring the ways and means of how this technology can be applied optimally. For that, they are coming up with new and unique techniques to help firms in reducing costs, enhancing the processes, tracking customer data and security, ensuring product safety, and preventing fraud and counterfeiting. Blockchain is being seen by both big and small enterprises to streamline their major operations. The top 5 top trends include:
- BaaS (Blockchain-as-a-Service): It’s a 3rd party creation & management of cloud-based networks for the companies that are involved in the business to build blockchain applications. It helps in fast app development, low-maintenance cost, and fast adopting blockchain technologies.
- VC & SSI (Verifiable Credential & Self Sovereign Identity): It provides verifiable, globally resolving, and privacy-preserved credentials that we can store and manage from our devices and show it to anybody secured way. It is used for personal identification such as bank account, insurance, loan, claim benefits, healthcare services, etc.
- DeFi (Decentralized Finance): It shifts from traditional centralized financial systems like Banks, Exchanges, Brokerages, etc to a smart contract on the blockchain.
- NFT (Non-Fungible Tokens): It’s a specialized cryptographic-generated token aided by blockchain technology to link innovative digital assets and it can’t be replicated. These innovative or unique digital assets relate to artists, content creators gaming companies, gaming companies, etc ensuring a new way of crypto adoption.
- CBDC (Central Bank Digital Currency): It is digitalized central bank money based on Blockchain. It is more of a legal tender produced and backed by the central bank. Here, the governments are introducing their digital currency.