The blockchain technology revolutionized finance, government, insurance and personal security. By 2025, it’s predicted that corporations will be spending $20 billion annually on blockchain technical services. IBM, a tech giant that invests more than $200m in research, and 90% of US and European banks are investigating the potential benefits of blockchain technology.
While blockchain technology has only taken the world by storm in the last few years, it’s already on the way to being a disruptive force across a wide range of industries. What is blockchain doing to become so popular?
Blockchain allows for the sharing of immutable, shared ledgers that allow you to track assets and record transactions across networks. Assets can be either tangible (e.g. An asset can be tangible (e.g., a car, house, or money) or intangible. IP, trademarks, copyrights or branding. Any value can be traced and traded via a blockchain network. This reduces risk and cuts costs.
The revolutionary use of blockchain technology by businesses allows them to get information quicker and more precisely. Blockchain technology allows for immediate sharing, transparency, and accountability of information that is stored in an immutable ledger. Only authorized network members can access it. Blockchain’s ability to track orders, payments, accounts, and production, while giving members trust and transparency into their transactions is what is makes it so groundbreaking.
The built-in smart contract feature is one of the best features of blockchain technology. Smart contracts accelerate transactions because they store rules on the blockchain which are executed automatically. These rules can also be used to set conditions such as terms and conditions for corporate bond transfers or insurance policies.
Blockchain technology is gaining popularity and rapid expansion, but there are many issues, including exit scams and rug pulling. Exit scams occur when cryptocurrency promoters vanish with investors’ money during or after an initial coin offering (ICO). DeFi rug pulls another type of exit scam whereby crypto developers abandon a project, exiting with investors’ funds by withdrawing buy support or Decentralised Exchange (DEX) liquidity pool from the market.
Concordium is a brand new entrant to blockchain. It believes that blockchain technology can eliminate these issues, and create a safe space for people by providing accountability. The company’s integrated ID layer has allowed it to create a platform which increases privacy and addresses the concerns of transparency, accountability, trust, as well as trust.
This platform was created under the assumption that greater authentication will result in more accountability from users, and ultimately more trust. Many other blockchains still have unclear anonymity guarantees making users believe they’re anonymous while their actions can still be linked back to them.
Concordium is convinced that accountability can be solved, despite regulations being a good way to promote identity. Users who use Concordium’s technology will be completely private and protected unless they abuse the system. The technology aims at encouraging users to be responsible and to face the consequences.
Although blockchain technology is a revolutionary solution to many industries, there are many flaws which have allowed for nefarious activities like exit scams. Newcomers such as Concordium, who are introducing regulations through transparency, accountability, identification and trust will be able to make the tech safer.