UXDLAB SOFTWARE

Contact us
Menu

blockchain

The Blockchain Technology is Fueling Various Industries Including the Financial

Leave a Comment / Uncategorized /

Nowadays, the technology is scaling towards new heights setting one records after the other. One is aware of the fact that the payment in bitcoin is based on the blockchain technology – a distributed database or public ledger where information stored is in digital form and cannot be manipulated. One of biggest positives that the blockchain technology has given is giving birth to a decentralized economy by the creation of cryptocurrencies. Therefore, it has been rightly regarded as future of financial institutions that will provide a new impetus to the e-banking and the cashless transactions. So no more paying additional charges because bitcoins are free from government controls. According to a reliable research, the cost of Blockchain technology is expected to stay at around $10 billion and it will also have an impact on various sectors of the economy by the year 2022. Moreover, it would also prove helpful in managing other tasks from e-governance to online education and maintaining the digitalized form of medical records. Blockchain will also prove handy when it comes to storing the database because here in this case it won’t be stored at one place. Blockchain Catering a Wide Range of Industries Blockchain technology apparently caters to extensive range of industries from online banking to e-payments, online governance to e-education, the healthcare sector, the real estate market, online shopping to insurance and traveling etc. All these industries have been reaping benefits from the advanced blockchain technology. A Brief Introduction to its Functioning The functioning of the blockchain technology is not complicated but it has its own procedure of working. As such the e-data is mainly categorized into blocks that are serially linked with the cryptographic encryption and forms a difficult mathematical patterns via a chain. Every block is linked with the earlier ones and has its own data. The new blocks can be added towards the end of the chain. It must be remembered that after adding new blocks and updating the records you will not be able to make any further changes. It is nearly next to impossible for a person penetrating into the technology via illegal means. Once the record is upgraded, it will be done on all systems at the same time. So, if hacking is done the concerned hacker will be unsuccessful as it will not follow his orders. The Advantages of Blockchain Technology So now that we are familiar with the working process of the blockchain technology, we can divert the attention to discuss some of its pros: Blockchain technology helps to save the cost of transaction which we have pay when doing internet banking. There are no chances of breakdown or loss of internet connection in case of blockchain. Therefore, is fully reliable and durable as it has decentralized networks. There is no risk associated with hacking and it is free from malicious attacks. The users have the actual control and power with respect transaction related information. The cost of transaction is free or very nominal There is no involvement of any third party and so that raises the bar of trustworthiness. The transparency factor is also maintained since anyone can see the change occurring in the public blockchain. The changes cannot be altered or erased. The transactions take place at a quick pace. All transactions are added into a single ledger, which avoids complexity. How is Blockchain Useful for Finance Industry? As we have emphasized on a few vital points that highlight the benefits of blockchain technology, we will perceive how it is beneficial for the finance industry: Concept of Smart Contact This is not a new term in the business world but was introduced way back in 1990. The contacts are basically self-implemented and the advantage that blockchain offers is making them safe and secured. Anyone can access these contacts around the world. It also eliminates the obstacles generally associated with the middlemen as here you have to only pay a fee and that goes into the chain and you have to unlock the front door with the help of electronic key-code. Supply Chain The blockchain has also eased out the process of supply chain, which otherwise was a complicated affair for most of the organizations. The technology helps in making everything transparent from when the goods are transported, who is handling it, the shipping costs, when it is expected to reach – all these information can be easily accessed in a single go. Pay Easily in International Currency Payment in foreign currency has always been a big challenge for most of the business organizations and if you taking the help of PayPal or Braintree, then the fees is high. But thanks to the blockchain technology, much of this problem has been sorted out as the fee is very low and many companies including Etch pay their employees in bitcoins. Benefit of Stock Trading Stock Trading has been identified as one of the difficult tasks because it is time consuming as well as a risky affair. However, the blockchain technology has come to the rescue of the share traders offering automated and secured solutions. Thus, even the much popular stock markets has got the blessings of this technology. How has the Bitcoin and Cryptocurrency Influenced the Financial Sector? We already are acquainted with the fact that the blockchain technology is the driving force behind bitcoin or the cryptocurrency and since its inception in 2009, it has emphatically and vastly influenced the financial sector and various economies. As such a number of companies are conducting daily transactions using the cryptocurrency and the bitcoin wallet app, which they consider far simpler than going for the traditional payment methods. Precisely, if they are using the bitcoin wallet app, they don’t even need the support of the third parties. In addition, there is freedom from all sorts of control and regulation and there will be no effect even if there is inflation in the market. Quite similar to the blockchain technology, the bitcoin wallet apps are more secured because of

The Blockchain Technology is Fueling Various Industries Including the Financial Read More »

The Blockchain Technology is Fueling the Insurance Industry

Leave a Comment / Uncategorized /

One has witnessed a huge leap in the insurance sector over the years. And with innovative technology such as the Blockchain disrupting it furthermore, it would scale to new heights in the years to approach. According to a research, it has already turned out to become the largest industry worldwide with a market share of $1.2 trillion and still counting. The Blockchain technology has started to fuel a number of industries and the insurance sector is reaping benefits from it. We have seen in the past how people claim for false insurance because of which the insurance companies had to incur huge loses. If we perceive from the customer’s viewpoint, then claiming for an insurance policy has always been one of the daunting tasks. Moreover, the customers complain that insurance companies often delay in making the payment. So, the Blockchain Solutions is rightfully there to sort out such issues. Blockchain is a distributed peer-to-peer ledger records which are known as the blocks. Every block is connected with the previous one using a highly secured cryptography that is virtually incorruptible. The blocks even have a time and date stamp recording the transactions between two parties with no involvement of any other person. The advantage with Blockchain is that it is free from controls and all sorts of regulations, plus it also maintains the transparency; means anyone can view the records of the transaction since it is stored in each of the nodes within the network. Therefore, let’s now analyze how the Blockchain is disrupting the insurance sector: Solving the Problem of Claim Process I have already mentioned clear that insurance claim process has been a problematic area for both the company and the customer. Often the consumers faced problems related to delay in payout because the companies try to drag it unnecessarily. There is no transparency factor and the process is also quite complicated. However, ever since the arrival of Blockchain technology there has been visible changes. The introduction of Smart Contracts has brought a huge relief for the user as it a contract developed on the basis of Blockchain. In this process of Smart Contracts, the rules and regulations are laid beforehand and which needs to be strictly followed, failing which you cannot precede further. Often the insurance companies add such long and perplexing clauses that are difficult to understand and if the customer is not aware of it, the company may deny making the payment. But in an insurance contract, the clauses are clearly defined and recorded in the Blockchain that both parties agree upon. So, following all the events and meeting with the entire terms and conditions, the payment is done to the policyholder. Since no third party is involved in Blockchain, so it cannot take any undue advantage of a situation. Even you can make automatic insurance claim and you don’t have to involve any other person in the process. The entire process is fast, accurate and transparent. This has indeed helped a great deal to get property or vehicle insurance. Securing from Fraud Claims We hear about fraud insurance claims a number of times and it was a difficult asks for the companies to find out which were genuine and which wasn’t. But all thanks to the advanced Blockchain technology, it has been really a savior. In fact, one of the major reasons why most of the insurance companies have already began putting money into this technology is to identify the fraud claims. Top US investigating agency Federal Bureau of Investigation (FBI) has stated its report that about five to ten percent of all insurance claims are false. As a result the insurance companies have to incur a loss of about $40 billion a year. Now, how does the Blockchain help? Primarily it helps in maintaining a cross-industry registry of the policyholder. This actually is used in verifying the details of the person and also scrutinizing his files and documents. The Blockchain will check whether the person is holding any other past policy or not and if he is involved in any sort of illicit activity regarding claims previously. The distributed ledger of the Blockchain is nearly impossible to change and so it also provides authenticity. In addition, you can also make use of the Blockverify, which helps in keeping a vigil on the goods and items such as medicines, automobile accessories, and luxury items etc. The company will be able to detect precisely whether the goods have been stolen or manhandled or even duplicated. The Blockchain will keep a record of each of the goods and so nobody can claim false insurance in case of any damage. Enhancing the Trust Factor of the Users When it comes to building the trust on the insurance companies, we do not get a very good picture on that front. One of the key reasons is because there is a lack of transparency element in that sector. For instance, only 17% people in California have enrolled for earthquake insurance although the region falls in high earthquake prone area and loss of lives are quite huge. Moreover, the consumers often remain in dark as to what do the insurance companies do with their invested money. Yet again, it is the Blockchain that comes to the rescue and ensures a bolstering trust between the customers and the company. We know that Blockchain is basically a shared or distributed ledger and so everything is transparent here. The policyholders are aware about how the company is dealing with their amount. So, once they get the knowledge, they would be comfortable and sure that their money has gone into the right channel. Protecting the Leakage of Private Data There is always a sense apprehension amongst the policyholders regarding whether their private and confidential data would remain secured with the insurance companies. Apart from that, if a person switches the insurance company, then it becomes a tough task to get the coverage and data transfer. Blockchain is there to offer a robust security and

The Blockchain Technology is Fueling the Insurance Industry Read More »

Former Twitter CEO Jack Dorsey Launches Web5 Based On Bitcoin Blockchain

Leave a Comment / Uncategorized /

Jack Dorsey, former co-founder and CEO of popular social media-giant Twitter has announced a new platform called Web5. The newly announced platform is said to be the combination of Web3 and Web2.0 and it’s based on Blockchain. According to the report, the platform makes sure that the safety of the individual data will be a high priority and that there won’t be any breach. Let’s have a look at the newly launched Web5 platform. “We have hundreds of accounts and passwords that we can’t remember, which makes it very difficult for us to keep personal information protected. Third companies now own our personal information and our identities”, according to a business statement on its website. Bitcoin business group The Block Head that comes under Dorsey is the one behind the development of Web5. Just to recall, Web5 is a platform that allows users to take control of their data and identity. “Web5 is a Decentralized Web Platform that enables developers to leverage Decentralized Identifiers, Verifiable Credentials, and Decentralized Web Nodes to write Decentralized Web Apps, returning ownership and control over identity and data to individuals,” reads the official website. As per the reports, everyone will be able to manage their identity and data. The platform is meant for major causes like Wallets, decentralized web nodes (DWNS), and decentralized web applications. “It serves as the foundation for systems with a single point of failure (eth, solano, and *), as well as the falsehoods that are made to individuals about who legally owns and administers it,” Dorsey Respond to a Twitter query. Blog Source- https://in.mashable.com/tech/33200/former-twitter-ceo-jack-dorsey-launches-web5-based-on-bitcoin-blockchain

Former Twitter CEO Jack Dorsey Launches Web5 Based On Bitcoin Blockchain Read More »