According to the reports by Transparency Market Research, the global blockchain technology market is projected to be worth $20 billion by the end of 2024. As a technology, blockchain has taken the world by storm. People don’t trust one another with their personal data, so they need to share their data in a secured and tamperproof platform. And blockchain helps in creating that platform. But the probable benefits and weaknesses can easily be overlooked due to the hype of blockchain in the world. Looked upon as one of the most disruptive technologies across industries, Blockchain most certainly has the potential to reduce costs, increase transparency, enhance security and increase efficiency among others.
Enhancement of data security that it provides is the primary benefit of using blockchain as a technology. Data is by far one of the most important assets in the world. Some of the world’s leading conglomerates like Alphabet, Amazon, Facebook, Apple, Microsoft, etc. are data-centric companies. Securing data has become the most critical priority for businesses around the world. This is where Blockchain can be used as a strong alternative to Cloud and Server based companies.