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It is interesting to know that 90% of the bank infrastructure cost was cut down by Blockchain Technology. Other interesting stats about blockchain technology are its occupancy is expected to reach about $20 Billion by the year 2024. It has raised funding to data to about $76 million. Financial and technology firms have invested $1.4 billion in blockchain in the year 2016. On an average, investments on blockchain projects in 2017 were $1 million.
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What is Blockchain Technology
Blockchains are unique, open, distributed ledgers which the help of which one can store the details of transactions between two parties in the safest way ever possible. This helps user to keep sharing the up to date information safely. Standing to its name, blockchain infers, a block is permanently created for recording a set of data in digital ledger, which forms a chain. As these blockchains are difficult to manipulate, it offers the best solution for keeping the network safe.
Manipulation of data in blockchain is difficult as it is an encrypted record and resists any kind of changes made, along with auto validation of each new entry, making the system a reliable database of information.
Advantages of Blockchain in different Industries
Various industries are getting benefited using blockchain technology. Following are some of the fields where blockchain is playing a vital role
Banking and Finance
Blockchain technology helps in eliminating intermediaries in various financial and banking services, thus saves a a substantial amount. Blockchain technology is known for making transparent, traceable, safe and secure payments, both domestic and cross-borders as well. Most importantly, blockchain technology imparts higher degree of security as it protects its centralized database for various cyber-attacks.
Blockchain technology limits the cost for intermediaries with its innovative cryptocurrency
Exchange of various confidential documents can be done with high security using blockchain technology. Also, other activities like automated payments using smart contracts, tracking and tracing, reducing fraud activities can be achieved with the help of blockchain technology.
Blockchain technology helps in developing various highly personalized and customer controlled loyalty programs. It also accounts for authentication of products, proof of origin, it helps in sharing rewards between users, thus raising brand awareness.
It helps in making smart contracts by eliminating intermediaries, and will improve fulfilment, it develops trust by avoiding tampering, and also it enhances cost efficiency.
Blockchain technology helps in making user friendly schemes, reduction in fraudulences, improved tokenization for E-ticketing, easy in tracking luggage, enhances passenger’s data privacy.
Role of Blockchain technology in healthcare is vital in aspects like patient data management, proof of existence of documents, making smart contracts, storing healthcare records in the safest way possible.
Best Blockchain Development Company offering Best Solutions
Blockchain technology is so revolutionary technology bringing amazing transformations in various industries. FuGenX Technologies is one of the prominent companies offering the best Blockchain App Development Services. Highly experienced and skilled crew at FuGenX Technologies delivers the best services on various Blockchain Platforms.
Our Blockchain Development services include maintaining records, identity management, storage of records in various locations, etc. We help our clients in meeting their requirements in a very safe and secure way. The best part of our mobile app development company is that our crew is a perfect blend of technical knowledge and rich experience. So, if you are in search of any such solutions, then the best destination for you would be FuGenX Technologies.
Our Cryptocurrency and Blockchain Expertise
Our Cryptocurrency Exchanges Feature
- Supply Chain
- Integrated Wallet
- Multiple Currencies
- Multilingual Framework and Order Matching.
Our Comprehensive ICO Services Include
- ICO token creation
- ICO website design & development
- ICO project marketing
We Create Document Registry Systems
- Proof of Work (POW)
- Proof of Stake (POS
- Proof of Concept (POW)
- Proof of Existence (POE)