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BLOCKCHAIN - A TECHNOLOGY FOR BUSINESS GROWTH


When you talk about Blockchain is not the latest concept. History says it is the most talked-about technologies of the past decade and the concept is pretty old.


Blockchain is planning to implement in Data Storage and communication in architecture level. Ideas from this technology might run an organisation with more than $20 billion profits.


Not only Bitcoin there are other areas and products where Blockchain concept is used like other currency technologies, ICO (Initial Coin Offering) is one of them. This token systems are using in retail sales similarly TGE which stands for Token Generation Event and ITO (Initial Token Offering), ITD (Initial Token Distribution),Bitcoin Cash all are transaction methods which are using in buy and selling properties, financial bonds and securities.


We can take other important names which are Ethereum, Ripple, Steem, Straits.

Some of the Computer Applications and Programming Languages which are used along with Blockchain

  1. Javascript

  2. Elastic search

  3. Java

  4. Golang

  5. Rust

  6. Scala

  7. Haskell

  8. Erlang

  9. Python

  10. C, C++, C#


Blockchain and AI


Many Industrialists and Business owners have started believing in Blockchain when Artificial Intelligence is combined with it. Both are still in research and development stage.


Blockchain technologies also need AI algorithms for security, quality and integrity to support the projects. If AI modifying the services to construction, power, manufacturing and even health care then why not in finance?


The IT giant company International Business Machine or better known as IBM doing research on building trusted AI on IBM’s scalable hybrid cloud platforms.


Challenges


  1. The Initial cost is expensive because specifically developed software is required to run blockchain at an organisation. Also it requires a new customized set of hardware systems to operate.

  2. If an industry is planning to implement blockchain, it has to introduce with new technology and remove the entire existing system because blockchain is a unique concept which cannot mix with old infrastructure.

  3. Every blockchain set up get through high unit power to run which is difficult to arrange rather costly.

  4. Once an organisation start to work with unique technology, it find difficult to reflect its good effects initially. As blockchain is a very new and updated concept the company clients are not ready to accept it. So the project starts with a loss.

  5. There is a concern for Privacy and Security as there are still limited skilled resources to make a strong team.

Conclusion


In spite of challenges blockchain is adopted as it has more business prospect. It is always noticed that most challenging technologies become popular and profitable once they beat others.

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J. Prateek Kundu

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