We are living in an era of technological advancement. Many people resist the use of technology without knowing how technology makes our lives easy and fast. Developing and developed economies of the world are spending a large amount of money on research and development. Technological advancement has changed ways of doing different tasks. On a broader scale, it has impacted the industry’s way of doing business. There is fierce competition in the global world. Those companies that are not adopting the latest technologies will lag. One of the emerging technologies in today’s world is blockchain.
What is Blockchain
A blockchain is a database integrated through a network of computers. The one important thing about blockchain is that once the record is added to the chain then it is not altered. Content checks are done to ensure consistency in all the copies of the database. Records are in the form of bundles and they are integrated into the form of blocks and included in the chain one after another. The record is verified by the network. The computers included in the network contain nodes. They verify the details of the nodes to check whether the trade is valid or not. Each block consists of a unique code. This unique code is called the hash. The block is included in the blockchain. The hash codes help to connect the blockchain in a specific order.
Why Go for Blockchain Technology
The people who support blockchain are of the view that it results in transactions without intermediaries. It also permits people to enter the globalized world by preserving intellectual property. In simple words, it removes the middleman in conducting all the transactions. Moreover, it makes the transaction direct and saves. In a financial transaction, many intermediaries are involved in checking the funds, in the conversion of the currency, and charging them with service charges. With the help of blockchain technology, you can send money without the interference of a bank or credit card company. In a manufacturing industry, you can check where, when, and how the goods are manufactured with the help of the item industry. In NGOs, you can check where donations can go and how these funds are utilized.
Blockchain Technology in Banking Sector
Blockchain technology in the banking sector helps in mitigating fraud cases. It gives hope because 45% of financial intermediaries result in economic crimes. All around the world, the banking system is functioning on a centralized database. Therefore, it is prone to cyber-attracts because of unlimited points of contact. The hackers only require a point of contact to crack the financial database. In this way, the probability of fraud is high if a database hack is not noticed on time. Thus, blockchain companies can innovate blockchain systems in a way that decreases the probability of financial fraud. Blockchain can reduce the frauds in a banking system because it deals with the distributed ledger system in which each transaction denotes time. Furthermore, it links each transaction with the previous one. Therefore, it can check and eradicate any fraud in online financial transactions.
Blockchain Technology in Real Estate
Real Estate technology is also leveraging the blockchain industry. Formerly, dealing with real estate assets through digital platforms was considered strange. Real estate transactions were held offline through physical interactions with different parties. However, the blockchain has changed the entire scenario. It introduced the concept of smart contracts through blockchain platforms. These small contracts introduced the system of token and trading through cryptocurrencies like bitcoin in real estate. Banks, brokers, and lawyers have been part of the real estate ecosystem for a long time. According to Deloitte, the blockchain can change their roles and responsibilities in all real estate deals. New platforms in this technology can enable payments, listing, and legal documentation. The removal of intermediaries can help both buyers and sellers to get the most out of their investments because they can save the commissions and fees taken by intermediaries. This also makes the deal process fast.
Blockchain Technology in Legal Sector
Lawyers can take advantage of blockchain technology by organizing their legal documents and preserving them without any change. You can develop smart contracts and use scripted text. Moreover, it helps in preparing and maintaining standard law documents. In this way, they can save money by making the justice system available to everyone. Therefore, it mitigates the complexity in the legal procedure and reduces legal fees. Legal documents are very tempting for hackers because they take advantage of legal confidential data. With the help of blockchain technology, lawyers don’t have to email sensitive data again and again. They can store the legal information on the decentralized system that increases the integrity of the data. If legal evidence is altered, the integrated hash value will not match and it will let you know that evidence is not clear.
How Blockchain Helps in the Translation Industry
Blockchain can help to provide a more efficient system in the translation industry. It is an encrypted distributed system with no centralized system. Each translator, editor, and proofreader can add metadata to the translation project with the help of blockchain. This data will include information regarding the name of the translator, agency, and editor. Moreover, it includes the date and time of the content. This technology will provide translation clients with a public key. Therefore, they can access the translation data. For accurate translation services, it will not contain the source file and the translated content. To add the data in this technology the translator has to create a hash of the source material and project metadata like the type of content and the language pair. The hash will denote the index of the translation project. It identified your content. Therefore, there is no need to save the entire file and translate the version. The proofreader can add the record by hash and with the public key of the customer. Moreover, they decode the file to start their work. These records will show who worked on the project and when it is completed. So, when the project reaches the client, they can use the hash to find who worked on the project. By taking advantage of this record, the clients are in better condition to decide which translator they should go for.
Blockchain technology will give you high-quality results as compared to traditional technology. You can easily identify threats and frauds in your business and can increase efficiency. Moreover, this technology will make your business process cost-effective.
Lindsay is an avid reader with a special interest in writing and digital marketing. Being associated with the marketing industry for the past 7 years, she is working as a freelance writer for various multinational organizations including CCJK.