The blockchain technology which is the powerhouse of cryptocurrencies like Ethereum and Bitcoin can transform the way business is done, it can also revolutionize the internet itself. A research which was conducted by the BTL Group showed that 87% of the respondents felt the way companies and businesses do things could change with the help of bitcoin technology. They felt blockchain can provide better solutions when it comes to data privacy and security.
The Stat and Results of the Survey
279 technical specialists took part in the survey, and they suggested that the security and privacy of data is the number one priority among IT staffs at the moment. Also, almost 66 percent of the respondents are using or trailing blockchain technology. Out of the 34 percent of the respondents that are not using blockchain technology yet, almost 50 percent of them said they will start working with the technology within the next 12 to 24 months.
Blockchains are an ever-growing list of records which are referred to as blocks, and they are secured and linked with cryptography, and it is resistant to data modification due to its design. The CEO of BTL Group – Dominic McCann said “in a world where is there is much concern about data integrity and security, industries, businesses, and individuals are realizing the significant benefits that blockchain-based apps can offer when keeping the information of people private.”
The research also shows the number of businesses that are yet to explore the technology and those that are looking at using it. There is a huge number of businesses looking forward to taking advantage of this technology within the next two years.
Cryptocurrencies are held and created electronically, they are not like physical cash. Unlike cash that is spent in stores, cryptocurrencies are used for online transactions, although there are a few businesses that accept bitcoin as payment.