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Saturday, September 23, 2023

Building Trust in Blockchain Technology


The Blockchain Technology is making waves everywhere. Organizations are awe-struck with its benefits and cannot wait to merge it into their systems to enhance efficacy. But, every new technology that hits the market takes time to get acceptance and Blockchain is no different. People do have reservations when it comes to relying on it 100 %.

However, this doubt and hesitation are just momentary since it just a matter of time before people will begin to appreciate the utilitarian value of this unique creation. Especially because leaders of this field are making exceptional efforts to build everyone’s trust in this extraordinary technology which indisputably deserves to be trusted in every way. If you wish to know how, have a glance at CBCA’s infographic – Six Strategies to Build the Trust Gap as Global Blockchain Leader. Before talking about the infographic, let us discuss what a wonderful technology Blockchain is.

The insightful invention by Satoshi Nakamoto, Blockchain is considered to be the lifeline of the new form of internet. It enables the distribution of digital information without letting it being copied. Though originally, it was contrived for supporting the functionality of the digital currency – Bitcoin, Tech experts have found a myriad of places where this technological marvel can be used.

For those who do not know, Blockchain is a digital ledger that is designed to be incorruptible. What makes it special is that it not only can record financial transactions but almost anything of value.

In simple words, Blockchain is a series of data records which are time-stamped and immutable. They are managed by not one but a bunch of computers owned by disparate entities. All the blocks are entirely secured as well as attached to one another with the help of cryptographic principles.

The Blockchain network does not have a central authority which makes it a democratized system. Since it is known to be a shared ledger, the information is visible to everyone. As a matter of fact, Blockchain is famous for its transparency & making every member feel accountable for their own actions.

So, how are experts proving the genuineness of Blockchain?

More than 45% of Global Leaders in Blockchain believe that the adoption of this technology can seriously get delayed due to lack of trust. And, this pressing issue is being dealt with by using the six strategies mentioned below:

  1. Building the Business Case
  2. Constructing an industry ecosystem
  3. Laying out the rules of engagement
  4. Navigating regulatory uncertainty
  5. Confronting risks early
  6. Considering privacy implications

According to a report by Deloitte, it is not the responsibility of just one department to foster blockchain activities but the whole business accountable to do so. This is how the duties are segregated:

  • Information Technology – 39%
  • Research & Development – 15%
  • Finance – 6%
  • Others – 1%
  • Business as a whole – 39%

Thus, this is the perfect time for people to become certified blockchain developer since the demand for these professionals is certainly going to off the charts.

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