Blockchain, the buzzword of the tech world, the messiah that is supposed to lift all our security worries is often confused with Bitcoin and other cryptocurrencies. However, of late, the proliferation of blockchain has been immense. Today, it is used in a diverse set of industries including finance, banking, manufacturing, supply chain, healthcare, and more. The widescale adoption is a direct outcome of blockchain’s unique capability of tracking any asset through a secure, cost-effective, transparent, and easy to audit framework. Even physical goods can be tokenized through blockchain, traded via virtual peer to peer network without needing a centralized control point.
As the adoption of blockchain gains traction, this turnkey technology is expected to permeate into government agencies and the public sector. Since most organizations these days are seeking a common record system, which can be automated, blockchain emerges as one of the top choices. Moreover, a distributed blockchain also warrants security and authenticity, especially in an era that is inundated with manual errors, opaque assets as well as data theft and cybercrimes.
More than that, every organization, nowadays, is trying to save cost and blockchain can really come in handy. However, the biggest challenge is the shortage of talent pool in the blockchain spectrum. While the buzz around blockchain is not going to fade out soon, the roadblocks in its way of transforming the tech world are many. So, if the world is yet ready for widescale blockchain adoption is a question to pondered upon later. The technology still is in the nascent stage and the hype around it is a reflection of its massive potential.
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