Blockchain technology has transformed finance, government insurance, government, and personal security of your identity. In 2025 it’s forecast that businesses will be spending around $20 billion annually on technical blockchain services. Tech giant IBM is investing more than $200 million in research and over 90% of European and US banks investigating blockchain-related options.
Though it’s only been taking all over the globe during the last few years, blockchain technology is well moving towards becoming a real disruptive force in different fields. So , what exactly can blockchain do to be so well-known?
Blockchain is a public immutable, permanent ledger that eases the recording of the transactions of a user and also tracking their assets over networks. An asset may be tangible (e.g. an automobile, a home or even land) as well as intangible (e.g. intellectual property such as patents, copyrights or brand). Any valuable item can be traced and traded via a blockchain which reduces risk and cuts costs for everyone who are.
Blockchain technology has become revolutionary as the technology allows companies to access information more quickly and with greater accuracy. It gives immediate transparency, sharing, and shared information that is stored on an immutable ledger that is only accessible to authorized network members. Blockchain’s ability to monitor the status of accounts, orders, and payments and production while giving users confidence and transparency in their transactions makes it so unique.
A major and desirable advantages to blockchain technologies is the integrated smart contract. Smart contracts accelerate transactions, essentially by creating a set of rules that are stored on the blockchain. They can be executed in a timely manner and also are able to set the conditions that govern things like corporate bond transfers or the terms used for insurance.
Although blockchain technology has led in rapid growth and recognition, the field is not without difficulties, especially in the occurrence of cryptocurrency frauds such as rug pulls as well as exit scams. Exit scams happen when cryptocurrency promoters disappear along with the money of investors following the initial coin offerings (ICO). DeFi rug is another kind of exit scam, in which developers stop working on the project and then withdraw the funds of investors by withdrawing the buy-support and/or Decentralised Exchange (DEX) liquidity pool from the market.
A newcomer to the blockchain industry Concordium is convinced that the Blockchain industry could be free of these problems and make it more secure through the implementation of accountability. With its ID layer integrated into the platform, Concordium has developed a platform that enhances security while also solving concerns of trust, accountability and transparency.
The platform was designed on the idea that more authenticating will result in more accountability for users which in turn will build more trust. Some other blockchains lack clear guarantees on anonymity, which makes users believe they’re not anonymous but their actions are tied to them.
While regulations can help promote the idea of identity, Concordium believes that one of the biggest issues it can solve is accountability. Users of Concordium’s technology will remain completely anonymous and protected , unless they violate the system. The goal is to inspire users to be responsible or risk the consequences of their actions.
Blockchain technology has been an exciting solution for various industries, however there are many imperfections that have led to frauds such as exit scams, which can be seen. As technology advances and develops, newcomers such as Concordium could pave the way for a safer environment with the introduction of regulation via authentication, trust, transparency and accountability.