Blockchain development has taken a major shift in its potential to change the world ever since this underlying technology of bitcoin emerged as a fuel to power other technological revolutions. Blockchain Technology can provide the businesses, establishments and governments, the type of security and service that no other technology can afford or is capable of providing. All the major powerhouses around the world are seeking ways to adopt blockchain because that is the only technology with the perfect accountability feature to run their business and record data to validate the transparency.
Blockchain In Simple Words
Blockchain is literally a chain made up of blocks. Each block is connected with another block and thus forming a chain. It records and stores data in these blocks and whenever there are some additions or subtractions or changes, a new block has to be formed with approval from a peer-to-peer network to make that possible. It is impossible to go back to previous blocks to make changes and there is no technology that can penetrate through such a tight secure network.
Blockchain technology is applicable in all the sectors of different industries and their operations. It stands out on some of its basic features, including other specific features as well depending on the application, that makes the technology one of a kind and extremely beneficial for the economies around the world.
Experts in the blockchain industry consider blockchain as the internet 2.0 because when internet was introduced, it changed the world on a global level and connected us socially, whereas the blockchain technology will connect us economically.
What Does Blockchain Actually Do?
– Blockchain powers your business operations
– It provides transparency of all the actions taken concerning the business
– It speeds up your operations thus, saving you time and money.
– It provides accountability for all the stakeholders.
– All the changes or amendments or additions made are traceable.
– Peer-to-peer network approval to form a new block.
– There is no room for tampering.
– Once it is on the block, you cannot get rid of it.
Today, we live in a world where sky is the limit and the blockchain technology is so vast that the limitations are no longer a problem. Leaders across the world are adapting to the change and the top governments are also transitioning towards funding blockchain based solutions to empower the startups.
Just recently, Australian government announced that they will be funding blockchain development businesses with a whopping $5million investment as a part of their way of reviving the national economy after Covid19 restrictions. Venezuela will also start their trails for a blockchain powered stock exchange and on top of that, United Nations has also teamed up with IOHK for sustainable blockchain projects.
Such investments and technological transitioning towards blockchain indicate its potential as the technology of the future and it’s a matter of time when the world will be dominated by blockchain technology.
Benefits of Blockchain for Pakistani Organizations
Blockchain technology, and the potential it has to offer to Pakistani businesses and institutions is of vital importance at the moment because the blockchain industry is still at its development mode. This industry is a little over a decade old and the world does not have many resources for any country to capture the market, therefore, it is a matter of time that the resources become limited and someone capitalizes on the national resources.
In Pakistan, there are highly skilled blockchain developers who are currently a part of small startups. They are waiting for their establishment to fund their projects and provide them with the opportunity to revolutionize the government systems in order to bring;
d. Time Saving
Industries That Blockchain Can Transform
i. Fin-Tech Services
ii. Supply Chain Management
vii. Energy Sectors
viii. Real Estate Sector
ix. Digital Identity
With such a tremendous scope, as a third-world country, we have a chance to gear up for a place in the international platform to solidify our position by adopting to blockchain technology in all spheres of industries.
Many issues that the government is facing due to data tampering and what not, blockchain can solve all those issues to make the system more simplified for all types of users.
Funding Pakistani Blockchain Startups
We can only achieve this huge digital transformation through focused funding of startups to sift out the ones with the most impressing portfolios and encourage them to work for the government or private organizations who can fund projects to be developed on blockchain technology. Now is the right time for private companies and government to start funding blockchain based solutions to keep the resources within the country and develop reliable blockchain systems.
The Future of Blockchain
Right now, there is a shift in global dynamics, especially after the slump faced at the market during covid19 restrictions. All the top institutions and the governments of different countries are taking their first step towards blockchain technology. There are many successful models of businesses that are running on blockchain solutions and they are inspiring many more businesses to adopt to blockchain.
There is no denying of the fact that blockchain is the next big thing and those who grab on to it early, will most definitely benefit the most in the future. Future is blockchain, that is why, we, at reactive space, are providing one of its kind services to private businesses and government as well to finally take the plunge and be on the right side of the history for once.
Check out our case studies to find out more about blockchain powered successful businesses that our team developed.
Reactive Space consists of a cream of blockchain developers in Pakistan. Being one of the few startups in blockchain development in Pakistan, it gives us an opportunity to hire and polish the nation’s first generation of blockchain developers. Our team has developed and deployed highly sophisticated models of blockchain based solutions and we still continue to harness disruptive technologies. We take pride in our services and therefore we are proud to say that we are one of Pakistan’s most advanced company when it comes to Blockchain development.