According to Lory Kehoe- the MD of ConsenSys, Distributed Ledger Technology is becoming a popular strategy for businesses that are looking for ways of boosting customer experience on their networks. Hence, the vast potential of Blockchain technology will be the avenue for creating smart networks for various use cases. In this regard, Lory is drawing equivalences between the Internet in the early 90s and Blockchain technology as of today.
Peer-To-Peer Features Of Blockchain Is Driving The Popularity
The peer-to-peer aspect of Blockchain network connects all users, companies or individuals, directly. According to Lory, DLT offers the internet of value as the P2P feature enables users to exchange value and information between themselves in a secure ecosystem. This eliminates the need of third parties such as government, banks, stockbrokers, etc. whose involvement often results in bureaucratic-related inefficiencies.
For this reason, parties that need each other can directly transact businesses in record time at low costs among other benefits that businesses or institutions can leverage on. This is the essence of decentralization that is central to the architecture of Blockchain networks.
Immutability Of Blockchain Technology Guarantees Transparency
DLT platforms are one of the most reliable approaches of recording and storing information. Since the ledgers authorize transactions by building blocks or nodes, the data is immutable and this ensures that there is a high degree of transparency. This is important in a wide range of business transactions such as transfers of ownership, proof of transactions, etc.
The immutability feature begets trust in the ecosystem which is a vital factor in enhancing customer experiences in platforms where clients and enterprises interact.
Decentralization Warranties A Balance Between Personal Freedom And Efficiency
Distributed Ledger Technology platforms are open networks of data that are accessible to all users in both permissioned and permissionless ecosystems. Since all participants can access data, they get freedom of partaking transactions that suit their needs. Most importantly, the decentralization is reinforced by cryptography that encrypts data to privatize entries and protect the identity of users.
Bitcoin And Ethereum Technologies Are Setting The Pace In Adoption Of DLT
Bitcoin and Ethereum Blockchains can be programmed to customize them for specific-use cases in different industrial applications such as banking, insurance, education, e-commerce, etc. In this regard, Ethereum, that was created by Gavin Wood, Vitalik Buterin, and ConsenSys’ founder-Joe Lubin-is particularly popular for businesses that need to transmission to a Blockchain network because of its revolutionary smart contract feature. Smart contracts are self-executing protocols that authorize transactions in Ethereum-built Blockchain networks to construct Blocks. It is the reason why DLT platforms are decentralized, automatic, and reliable.
Summarily, Blockchain can transform customer experience that any institution needs to offer to clients. For this regard, popularity is projected to grow steadily over the coming years with growing awareness.
It is a platform that has global coverage in which various parties can access resources to build Blockchain infrastructure, applications, and practices. The mission of this network is to ensure that industry problems have a digital solution that is easy to deploy, effective, cost-friendly, and far-reaching.