Over the years, traditional financial systems have grappled with a set of enduring challenges – they've been exclusive, often inefficient, and quite opaque. Geographic constraints and bureaucratic complexities have left a significant portion of the population without access to essential financial services. These hurdles, coupled with the reliance on centralized intermediaries, have introduced risks and bottlenecks, impeding the smooth flow of transactions.
In the world of business, the race to stay ahead is a never-ending one. And in the technology landscape, it's a full-on sprint! That's why CIOs are constantly on the lookout for emerging technologies to give their organizations the edge.
The year 2020 pushed the world to a technological revolution. The digital ecosystem proved to be a gamechanger. The pandemic changed our lives, work culture, and gave birth to new trends and innovations.
“A typical cross-border payment takes three-four days to complete.”
“On average, it costs 7% to send money internationally.”
“85% of global transactions use cash and U.S. retail businesses lose about $40 billion annually due to the theft of cash.”
The worldwide spending on Blockchain solutions is expected to grow from 1.5 billion in 2018 to an estimated 11.7 billion by 2022.- According to Statista
Blockchain, which originated as the underlying technology of Bitcoin and other cryptocurrencies is becoming multifarious. It’s disrupting a number of industries, other than finance and businesses are turning it potential to their advantage.
Before the concept of crowdfunding, the only way for the early stage startups and founders with new ideas was to approach angel investors to get seed funding or go for VC (Venture Capital). On the other hand, established businesses opt for IPO (Initial Public Offering) to raise a huge amount of capital.
It is not long when Blockchain was a buzz word and every business out there was rushing to hire resources for Ethereum development (Ethereum being one of the most popular Blockchains). But with time, the people and industry have matured, and now businesses emphasis on getting comprehensive Blockchain consulting services first before deciding to invest in the solution development.
In Healthcare Industry, a lot of information exchanges happen between hospitals, doctors, clinics, pathology labs, blood banks, equipment manufacturers, and patients. Since the nature of the information is very confidential and personal, ensuring security of the data is of top most priority. At the same time, the information can’t be locked away in silos since ease of accessing this information is crucial to the functioning of an establishment providing healthcare services.
Initial Coin Offering is one of the innovative use cases of Blockchain, enabling startups and naive companies to raise initial capital for their business ideas with potential. However, this now-famous mode for crowdfunding overcame a number of technical and functional ambuguity in the system, leading to inundating rise in its acceptance.
Building Blockchain applications requires prowess in cryptography, coding, mathematics, and significant resources. However, with Ethereum, such complex requisites for Blockchain application development can be turned down with tools that Ethereum brings along to build and deploy decentralized applications.