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Blockchain solutions for Technology

Tech for tech is the greatest update in the history of this world since the advent of the internet.

Understanding blockchain technology

Decentralized architecture, verified transactions, and an immutable application- These are some attributes that come with blockchain integration with your business.

Every now and then, any business, no matter what industry it belongs to, grows. This growth is usually promoted by changing and forever-growing business environments and industry innovations. A significant part of this growth today is technology. And the biggest revolution that technology is bringing in recent times is blockchain.

It has become obligatory for businesses and organizations to be open to radical changes in order to have a sustainable strategy of doing business and stay relevant indefinitely. Blockchain is one such revolution that will bridge businesses and the future. Let’s see how the retail markets will benefit from this novel technology.

Technology industry

When we talk about tech in general, it is a big umbrella of everything since human invented the wheel. Technology has been a forever changing, dynamic industry in itself given the daily innovation it undergoes. Today, we can consider one of the latest technological advancements to be blockchain technology that emerged out if the idea of Bitcoin cryptocurrency. Now, this blockchain technology is already on its way to revolutionize the tech industry in itself.

How does blockchain add value to the technology industry?

A researcher, who is also a lecturer at Stanford Graduate School of Business in the Management department, Doug Galen revealed in a recent study that 60% of ongoing blockchain tech initiatives currently provide a visible improvement to existing processes. There are numerous value-based benefits for blockchain integration in technology as a whole. Let’s look at some.

Industry illustration

There cannot be enough industry examples that prove technology industry adaptation of blockchain. MNCs have already put in place teams that are working full time on blockchain technology for their business. They are creating what the future of technology will be.

A bitcoin-focused news blog ‘Coindesk’ has reported a patent filed by the tech giant Apple, who allegedly is planning to use blockchain for accurate timestamp data. IBM also has invested in a new blockchain in tech initiative, which is probably going to set a standard for the industry. UPS and FedEx have joined BiTA to better solve consumer disputes, store confidential data. Even Google is looking at collaborations to integrate blockchain with its cloud technology.

One such initiative that Codezeros had the opportunity to work on was Unitychain. Unitychain™ is evolving blockchain technology and distributed ledger technologies. With the use of their innovative blockchain architecture, novel consensus algorithm, and distributed hash tables, they are solving blockchain scalability without sacrificing the provisions of decentralization, security, and speed of the functions. Participants of the Unitychain network earn 99.9% of validation and storge rewards.

Future of tech with blockchain integration

Blockchain is looking to disrupt operations in the global tech industry. There are a few challenges that need to be addressed and solved, otherwise, blockchain is ripe to take over. Problems like interoperability, scalability, and seamless interaction of various blockchains, decisions about the governance framework, authority distribution in a way that it is balanced, yet effective in case of decision making.

Innovators, researchers, scientists, and blockchain developers are constantly working on such problems backed by research and development departments of the tech giants because the prediction is that blockchain-based solutions are the future of technology using blockchain.

References

  1. Kshetri, Nir. "Can blockchain strengthen the internet of things?." IT professional 19, no. 4 (2017): 68-72. https://ieeexplore.ieee.org/abstract/document/8012302
  2. Crosby, Michael, Pradan Pattanayak, Sanjeev Verma, and Vignesh Kalyanaraman. "Blockchain technology: Beyond bitcoin." Applied Innovation 2, no. 6-10 (2016): 71. https://j2-capital.com/wp-content/uploads/2017/11/AIR-2016-Blockchain.pdf
  3. Aste, Tomaso, Paolo Tasca, and Tiziana Di Matteo. "Blockchain technologies: The foreseeable impact on society and industry." computer 50, no. 9 (2017): 18-28. https://discovery.ucl.ac.uk/id/eprint/10043048/1/Aste_BlockchainIEEE_600W_v3.3_A.doccceptedVersion.x.pdf

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