The European Union has recently released a report in 2020, praising the blockchain technology. The report talks about the importance of blockchain technology. It accounts for details of how it has benefitted time and again by involving the technology. The European Union opines that the new age technology has always been successful in financial matters of business and strengthening of security services and is gaining more power in the realm of social services as well.
There have been several cases of fraud and breach of security in the financial sector. Results turned out to be satisfactory when blockchain technology was put to work. Companies deemed adoption of blockchain as a viable form of up-gradation with the changing times.
Why Blockchain is so Promising in the Domain of Social Service?
Blockchain technology encourages cost efficiency and also allows older people to live in their own homes independently. The technology is also helping to ameliorate the crisis caused by COVID-19. It is funding NGOs and transactions have been digitalized with its application which has proved to be the most useful transformation for many entities.
What Contributed to the Success Story of Blockchain?
Bitcoin’s price peak in the year 2017 and the hype that was raised because of it made many entities from several countries to try this technology out. For instance, JP Morgan came out with its own stablecoin named JPM Coin owing to the hype that was raised in the year mentioned.
Blockchain technology is largely gaining importance in the domain of social service. The digitalization of this particular sector has benefitted people in multiple ways. Speculatively, blockchain will gain more importance in various spheres of social development though experts say that it is still in its initial stages.