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Blockchain Distributed Ledger Market - Use of Blockchain Distributed Ledger Lends Transparency To Financial Transaction

Blockchain Distributed Ledger Market - Use of Blockchain

Digital technology has become prevalent in today’s world. It has touched almost all aspects of life including conducting business, shopping, enhancing education and learning, entertainment, and staying connected with social world. In recent past, digital technology has evolved further to aid in conducting financial transactions. Online payments have gained huge traction along with card based payment methods such as credit and debit cards.

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At the same time, cryptocurrency also known as digital money is becoming increasingly popular. Distributed ledgers support the payment system for digital currency to operate in decentralized mode, by eliminating the need of intermediaries such as banks. Distributed ledger technology further enables tracking of financial transactions and makes it virtually possible to track and trade any value via digital money. It provides a robust environment for secure data sharing in real-time. Blockchain is a type of distributed ledger system providing enhanced security to the process. Blockchain comprises of blocks of digitally recorded data, creating a distributed ledger. There are many different types of distributed ledger systems, each obeying its own security and privacy levels.

Use of blockchain distributed ledger lends transparency to financial transactions and eliminates middle man, thus reducing the transaction costs. This is likely to drive the adoption of blockchain distributed ledger in the coming years. As the complex process of paper work and third party involvement extends the process of business transactions, blockchain-enabled distributed ledgers are anticipated to change the way business transactions take place.

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Moreover, enhanced security levels for transactions is another factor contributing to the growing influence of the technology. Distributed ledger systems are not controlled by any centralized authority and are not limited by legal rules. However, technology is governed by its own technical code. Blockchain distributed ledger technology is at its nascent stage and has observed adoption mostly in financial sector. The cryptographic codes are extremely robust, however security concerns as hackers are constantly trying to break the authenticated cryptographic code and lack of understanding of the technology have challenged the proliferation of this technology.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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