Blockchain, cryptocurrency, and bitcoin are very poorly understood terms and are considered a kind of epidemic. But there is a reason for this, especially after the value of Bitcoin reached $ 20,000 by the end of 2017, causing forecasts, uncertainties and speculation.
However, domain experts feel that the value of bitcoin is not the most exciting part of the game as a whole. It is the underlying technology, blockchain technology, that disrupts the industry and makes it more efficient.
Blockchain, the core technology at the heart of bitcoin and other coin products, is a public electronic book. The most common application of blockchain is a decentralized payment mechanism (crypto currency) between two unrelated parties.
Cryptocurrency has recently gained bad reviews, mainly due to the rise of Bitcoin meteors and subsequent volatility.
However, the true value of blockchain stems from its ability to capture all kinds of electronic transactions between the parties related to low-enforced rest applications, dispersibility to perform damaged transactions, and record invariant.
Friction-free transactions that quickly become a reality
The latest news about cryptocurrencies is negative, including a proposal to ban trade in South Korea and China, countries closely related to the rise.
This is expected in the early stages of the evolution of basic building block technology that can handle almost every transaction on the Internet.
In parallel, however, banks from the US Federal Reserve Bank to the Bank of England and China are considering issuing their own cryptocurrencies. Thirty large global banking networks are considering using cryptocurrencies for interbank payments.
Analysts are discussing potential blockchain applications, but how this technology can help businesses increase revenue, gain more customers, and increase revenue. Entrepreneur India contacts experts and players in this field to evaluate the potential of blockchain to increase business revenue.
Vice President M N Dastur Abhijit Sarkar said the blockchain can be used to implement almost any type of contract, including taxes, mortgage payments, and even betting friends.
“But the promise of greater consumer blockchain can almost eliminate the expensive payment brokers in the western world. Mastercard, Visa, PayPal and other networks are one to three in all transactions …” When a deal is irrelevant becoming a reality, you will wonder why this huge $ 1 trillion market capitalization industry existed today, “he explains.
Resolve billing conflicts in the logistics industry
In India, the topic of blockchain is gaining momentum, and many players in various industries use blockchain to increase their revenue. According to co-founder and CTO Varun Biyani
TruckHall has many repetitions of the same information by several participants involved in transactions in industries such as logistics.
Blockchain is expected to improve the efficiency and transparency of an industry where coastal conduits are accessed by key stakeholders, leading to faster movement and delivery of goods.
“For example, the load / unload site is dependent on external factors, so the lack of documentation and the completion of the billing process will keep the vehicle, but these “Biyani elaboration.
Important technical drivers
Aslam Khan, founder and CEO of Octaware Technologies Pvt Ltd, is also working to increase revenue on blockchain in 2018-19. Octaware provides enterprise solutions and services to clients in the financial, healthcare, and government sectors.
According to Khan, blockchain has been an important technology driver in these three areas. “Building blockchain technology capabilities in-house and providing it as a service is one of the strategies that Octaware is working on,” he shared.
Interestingly, Octaware has already begun enabling healthcare products from Hospice, a blockchain and the Azure cloud-ready hospital information management system.
“EMR (historical medical data for distribution environment) and TPA (smart contract) insurance management functions are also integrated with blockchain technology,” Khan says.
In addition, Khan feels that the software product industry needs more computing power (PC) for automated testing of software products and should invest in long-term / short-term hardware. “When many PC home / office PC users become available at night, new opportunities are created. Use blockchain distribution.