Question

Explain the positive impact Blockchain technology would have in detail. What industry or sub-industry does Blockchain technology fall under?

Answer 1

Solution:-

The impact that Blockchain technology would have is quite significant and of utmost importance in today's fast growing and changing world where advent of new technologies are seen very frequently.

Blochchain technology ensures a more better scope of transperancy in the transactions made by an individual / an organisation it also ensures that data on the Blockchain network is having more accuracy and consistency.

It also ensures better security as any alternation done in the data can be seen by all the participants of the network so eliminating the chances of data breach , forgery. It also provides better view of understanding the root / origin that is backtracking becomes very easy. This further helps in audit , authentication of assets.

It's obviously more effecient than the old school record keeping books as it speeds up the process of transaction processing all the middle men involved during the normal procedure are eliminated and helps in building a trust between the two participants involved in a transaction. It is also cheaper as it eliminates all the other cost adding factors like middle men.

Blochchain technology can be used by various industries for the advancement and for better growth whether it be Healthcare, Logistics, Information technology etc.. But if you want to categorise it under a specific industry than it is associated with the Financial sector , Banking sector as majorly you perform transactions through this and the most used application of it that is Bitcoin it's a crypto currency(digital form of money). So all the transactions you make can be done through bitcoin.