Blockchain technology is the latest buzz in the market. Although still underway for mainstream applications, an open blockchain network can make a real difference. It is expected to facilitate finance and cash transactions and Web 3.0. It enables better search engines, social media platforms, eCommerce, etc.

On existing Internet platforms, big service companies typically host user data and applications on central servers. This allows these companies to create detailed profiles of their users.

A blockchain-based alternative, on the other hand, can replace Internet giants with an open, peer-to-peer network of providers. Blockchain can make online transactions safer and faster. The potential impact on eCommerce is tremendous.

In this way, big banks may lose control of the financial systems. The blockchain enables a completely secure online ledger. It keeps a record of every transaction made on a given occasion.

Blockchain, therefore, holds the promise of bringing better work and insight to the banking industry. For example, it may allow international transactions to be made in real-time. It lets money be exchanged at the digital speed today. Facilitating payments is a highly profitable business for banks — cross-border transactions generated $224B in payments revenues in 2019.

In eCommerce, blockchain makes online financial transactions more secure. It will be a win-win for both brands and buyers. It also provides many other benefits, including cutting costs, helping small businesses, and enhancing financial processes. It is making transactions faster and improving the overall customer and user experience.

For instance, the most common blockchain algorithm used in e-commerce is Ethereum. It provides a platform for eCommerce brands that want to use and manage their blockchains. Blockchain can support safer money transfers. It could change digital payments and power safer international transactions and even settlements between banks.

Blockchain Applications Development Has Big Potential

A cryptocurrency is a medium of exchange, such as the US dollar, but it is digital and uses security techniques to control the transaction and verify the transfer of funds.

Bitcoin (BTC) is among the best-known cryptocurrency based on blockchain. Bitcoin focuses on lowering the cost of users and reducing the time of transactions. It is a peer-to-peer Internet network for digital cash with no need for central authorities such as banks or governments. In this way, Bitcoin can confirm purchases directly between users.

In addition to Bitcoin, Blockchain application development has the potential to facilitate many other applications in Finance and other fields.

Blockchain makes financial products easier, allowing ownership to improve liquidity, streamlining new fund launches, etc. Blockchain also enables contracts, such as smart contracts, the technology behind token ownership. Smart contracts could transform how firms issue loans, loan and asset management, insurance policies, etc.

Blockchain can also support the automation of complex tasks: underwriting, security, credit scoring, etc. Blockchain applications also prevent fraud in a distributed way, This lowers risks, tamper-proofs code, and leads to better methods for verifying identity.

For the incoming next-gen Web3, blockchain will play a key role too. The internet is now centralized, with data flowing through and being stored in data centers owned by a handful of giant companies. Web3 envisions an open Internet built on a blockchain network and token-based economics.

For tomorrow’s social media platform, blockchain is currently being used to issue online payments for music, movies, and streaming services. It can also identify a single source of truth and serve as a means to stop the spread of “fake news” across social media.

Blockchain Technology based search engines (BBSEs) are one alternative to the current search engine like Google. BBSEs don’t have centralized control and are instead spread across a number of networks. Therefore you enjoy better privacy online, and no company will be able to access your search histories or other data stored on a blockchain-based search engine.

In a nutshell, blockchain application development can bring about many new changes to the way we handle financial transactions and services, as well as social media and the Web today.

We in Distillery have 550+ software design and development professionals working in 6 offices across the globe and own strong experiences in blockchain application development. Please contact us for detailed discussions about your blockchain application needs.