Introduction
Blockchain as the initiator that underlines cryptocurrency which is the transformative force with decentralized transactions has actually revolutionized the formal trading traditional system. Hence I think the Introduction of the blockchain technology has already diversified things within and outside the blockchain which has extended from supply chain management, healthcare application, financing and banking, smart contract, identity management are all emerging from this technology as much as other associates.
As matter of fact this existence of this technology has already prompted to enhance the like of transparency and accountability in transaction, security application and financial inclusion and some other profound Impact it has created within the circle of this technology expand that tend to connect the entire world and people residing in different geographical area with just a program running with internet space.
As we all know and recognise the blockchain technology behind the existence of cryptocurrency has created various avenue which has created alot of chances in cryptocurrency space as much as impact and implication of it is reserved and served as an innovation that tend to cooperate with revolution of technology into a decentralized networking space where the use of cryptography is quit functional with it algorithm that tend to secure credential and data, as all entries are termed to immutable in chronological chain.
One other decorated part of the blockchain technology is that the smart contract which is termed as self execution contract which is quite automated in its form as is program to initiate and streamline process which has already deny the intermediary body which has course hedges that tend to have increased cost that term to reduce the efficiency of the service. Hence this article has to float in the exploration of blockchain beyond cryptocurrency, applications and Implications which have affected a lot of industry with its defaults innovation solution and implications as well.
Blockchain financially Impact is characterized by it's efficiency bases on security accessibility, reduction in costing and security has created innovation in the scales of preference as much as a lot patterning to technology has swift for an effective functions with fee reduction as much as it has created access, solution to some outstanding problem in the banking sector where transparency, risk, fraud has being optimized as too priority to ensure efficient process.
In another instances within jurisdiction of the smart contract as empowered by blockchain technology, the smart contract has served as an revolutionized agreement that is programme to be automated in executing task as much as is main to streamline process in minimizing cost, risk, with it essence in self automation in financial transaction while efficiency to leverage on transparency is assured in termed agreement.
In some diversification, Internet of Thing regarded as (IoT) has already improvise standard measure within security efficiency through the blockchain technology which has already feature out tamper-resistant data, transparency in transaction as much as securing data and storage is emerged as part of the innovation that is seen in our cities, our healthcare sectors today where Internet diversify through decentralized technology
Logistically the blockchain technology through it streamlined supply chain has enhances transparency and security that has revolutionized the entire transparency, security and traceability which has brought a different change in every traditional process, that reduces costing while errors is minimized with aid of the ledger, hence with the help of the smart contract has created avenue for fast and efficient transaction execution where costing, efficiency is optimized m
An advanced healthcare sector has ensured a lot through blockchain to ensure transparency that makes data sharing interoperable, where patient privacy is conserved and preserved, as much as fraud is reduced while record management is managed and streamlined. With the help of the smart contract initiative has automate billing and as well insurance claims as well
▪︎ As the impact is significant, the implications is less significant as blockchain technology is efficient enough, however one of the challenges accompanied by this technology based on proof of work on blockchain which demand higher side of energy consumption tend to raise concern based on human surrounding, hence this challenges from the energy consumption has raise a concern over over regulatory option that suit human habitats as much as it pollution and impact within the human environment.
▪︎ Scalability issue is another challenge that blockchain networks with over increase of transactions which tend to slow off the speed as much as the higher the fees payable.
▪︎ And also as a decentralized platforms lack regulatory standard which implies that has deviate a standard within the jurisdiction of blockchain technology creating issue over uncertainties that makes things uneasy to track and resolved based on fraud and smart contract dispute
▪︎ In some cases anonymity and illicit activities, in making a profound security and privacy reservation, exploitation tend to occur when illegal activities are involved, such as money laundering and other cyber criminals activities which leverage on the privacy features.
Conclusion
The blockchain technology has revolutionized a lot of sectors within and outside the decentralized platform which has shown how varse this technology is based on its space of potentials, as much as the potential is beyond the blockchain technology in respect of solving challenges across various sectors. The application and implications are diverse ways the technology has done good over bad and bad over good as well.
Hence this technology has be forefront of today technology that stand as revolution over initiative for to solves issues while opportunities are created as some default issue is streamlined as well
References
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