Blockchain transforming everything; here are the top reasons why you should go with Blockchain!

Blockchain – A revolutionary technology brought into reality by Satoshi Nakamoto in 2009 has the potential to change the way everything functions and works. According to the blockchain experts of the best Blockchain Development Company in Kolkata, this technology was simply built to make use of cryptocurrencies like Bitcoin and others.

Blockchain – What is interesting about it?

Blockchain development in India and in other countries is still in infancy and there are certain technological upgrades making this technology stronger and reliable. This technology is basically a computer algorithm created for data storage and is an open-source distributed database working on Distributed Ledger Technology or DLT. A Blockchain network is created using network blocks i.e. duplicated across a network of computers and the entire system is totally decentralized giving no control to the centralized bodies.

A blockchain constitutes blocks of data where every block is connected and contains data. Every block is connected with the previous and successive block and takes a form of a chain. A Blockchain Development Company allows you to make use of the technology for maintaining a detailed system of records that cannot be hampered with or lost as well. As the network of blocks is duplicated across the network of computers, so allows any user to view the entire network with less hassle.

What are the reasons inspiring us to go for blockchain?
As per the companies offering Blockchain apps development services along with other services, blockchain is one of the most interesting and intriguing technologies that has come a long way since its advent. However, there are certainly other reasons that inspire us to go with blockchain technology, and some of them are –

•    Scam proof payment systems
Blockchain technology is best implemented in payment systems driving away any chances of scams with the system. This technology has the potential to prevent future payment scams protecting both the sellers and buyers using smart contracts. Implementation of smart contracts helps in avoiding payment scams when you are purchasing an item and the seller doesn’t follow as required. All the transactions are recorded and the currency once used cannot be used twice or counterfeited as well.

•    Eliminates intermediaries
As per the best Blockchain Development Company in Kolkata, this technology is very much capable of eliminating intermediaries of third parties as it works on a P2P or peer-to-peer system where the transactions are only happening between both parties. This technology can remove any centralized body like a bank while conducting transactions and even speeds up the process as well.

•    Highly secure and reliable
Blockchain is best known for reliability and for being secure and can safely store confidential data in the network blocks. While storing data in the network a record is being created that cannot be altered because of being end-to-end encrypted. The technology helps prevent fraudulent activities and any form of unauthorized access to the data.

•    A future technology
It is just a beginning for technology and it is expected that this technology is destined to improve and evolve in the near future. With more advancements and innovations blockchain holds the power to change the infrastructures of industries and will change the way we do business, and one true example is Bitcoin which is a decentralized currency that cannot be controlled by any authority. Blockchain can further provide many other solutions required by different industries.

Fueling the Blockchain apps development, this technology has a long road to cover and help the startups and established companies grow exponentially in the near future. Companies will be adapting this technology for delivering transparency and fidelity across the digital information sharing space helping boost awareness of the technology at the same time.