“We are all now connected by the Internet, like neurons in a giant brain”
The world today is more connected than it has ever been before. Technology is advancing at an exponential rate and it is bringing people together like a small global village. Thanks to these technologies, a consumer’s role and demands are shifting in the marketplace. New trends are setting in which influence and sway a customer’s expectations.
Every few years, new technology is introduced in the market. Digitally the world is constantly evolving with newer software. For example,
What is BlockChain?
“The record-keeping technology behind bitcoin…blockchain is a distributed, decentralized, public ledger."
Blockchain is an encrypted digital ledger, recording transactions chronologically and publically. The recorded data cannot be altered without changing all subsequent blocks and it is readily available for cloud-based solutions and software.
One of the prime benefits of blockchain is the ability to enable secure transactions which also supports today’s flexible mobile payment systems. Security, networking and data preservation play a very significant role in ensuring cybersecurity of information being shared of any contemporary business.
Approximately 94% of companies have increased focus on digital transformation and most admit that digital is central in their business strategy. More than 1/4th of these companies have invested in Blockchain technology as there is going to be a significant growth by the year 2020.
BlockChain and Digital Transformation
Digital transformation is a complex challenge taken up by an enterprise but the integration of Blockchain and IoT makes the process smoother. The ease with which multitude of electronic parties can securely communicate, collaborate and transact shows greater agility and efficiency.
It is believed that by 2021, prominent value chains, enabled by blockchain will extend their digital platforms and reduce transaction costs by 35%. Robert Parker, VP of IDC Group, believes that this year will see a transition to more consortia-based initiatives and whole value-chains will come together to “take advantage of the immutable records and the distributed ledger capabilities in blockchain.”
Blockchain transformation may have started with Bitcoin in 2008-2009, but the growth has not stopped since then. Its impact can be seen and felt in all industries. The change being witnessed is transforming the customer experience. Let us have a look at different sectors affected by blockchain:
Companies like Microsoft, Amazon, IBM and SAP are said to have introduced a version of blockchain-as-a-Service to go with other services they are offering.
This industry is not only evolving each year but it is also a lucrative multibillion dollar one. Blockchain makes this industry more accessible to consumers as well as content creators.
Strict guidelines are enforced which ensure low crime rates and blockchain transformation helps in the following way:
Governments are constantly improving how they provide services to the average and everyday people. Blockchain transformation helps them in the following ways:
What Next for BlockChain?
New technologies are constantly revolutionizing businesses but digital transformation is not just about technology and trends, it is about the customer’s experience. Businesses need to evolve because the customers’ expectations are evolving.
This hacker proof technology is being considered a foundation on which the world economy can base its digital transformation. The promise it holds to push out the middleman from most business processes, ensures it is not going away anytime soon.
If you would like to achieve a blockchain transformation or discuss how potential threats to its growth can be eliminated, contact the App Scoop mobile app developers team on: https://www.app-scoop.com/contact-us.html.