The world of big data grows every day... And blockchain technology is here to facilitate that growth! The blockchain market is expected to grow from $8 billion in 2022 to $155 billion in the next ten years.

With more than 60 million blockchain wallet users and growing, it is clear that blockchain technology keeps creating new opportunities worldwide. Even large corporations and governments are adopting blockchain services.

Looking at data, in 2021 alone, blockchain jobs on LinkedIn increased by 400%, which is the highest growth in the tech industry. In the end, blockchain technology is here to stay and expand beyond its financial applications.

Edge Computing and Blockchain Technology against 
                        network traffic.

Edge Computing & Blockchain Technology Boosting Network Traffic Congestion

From blockchain technologies to big data tools to Internet of Things (IoT) devices, digitalisation is all around us. With the growing number of IoT devices, however, network traffic has become a major concern among experts and users. Did you know it’s expected that the number of active IoT devices may reach 75 billion in the next few years?

Users and industries are already using trillions of gigabytes (GB) of data, which is usually transmitted from its creation point to a central cloud. The result? Low Quality of Service (QoS) and slow processing and response times; something that can be detrimental to industries like finance and medicine.

To lower network traffic and avoid congestion, more complex solutions are required. And here is where edge computing comes to the rescue. Edge computing is a novel architecture, an extension of cloud computing, that brings computing and storage resources close to the actual users and the devices that produce data. To put it simply, when data travels shorter distances, that results in faster processing times. It reduces latency and boosts local decision-making.

With the introduction of 5G, edge computing is now an even more compelling option as the new network can provide significantly improved capacity and far lower latency. Some rough estimates put 5G data speeds at about 20Gbps. No wonder that, according to current estimates, more than five billion IoT devices might begin using edge computing by 2025. Furthermore, this enables real-time communication for next-generation apps like drones, self-driven cars and remote-parenting devices.

Perfect, right? Not completely! Having sensitive information stored in different edge servers raises safety and integrity concerns…

And this is where blockchain and edge computing meet! Blockchain technology can help people access 100% security and transparency. Integrating blockchain technologies with edge computing can help data get stored in blockchain notes securely and enable an open distributed cloud marketplace and platform for IoT devices. With many financial institutions, including governments, investing billions of dollars into blockchain technology, it’s not surprising to see the field grow and become mainstream. Who knows? Maybe in just a couple of years, we will experience a totally novel way to work with applications and employ data!

Blockchain’s advantages are our strengths

Blockchain Technologies to Our Advantage

Data, IoT, cloud computing, Bitcoin wallets, blockchain technologies; well, these are not only buzzwords but real pillars that can support and change our tech-driven world.

Over a decade has passed since Bitcoin shifted blockchain technology away from theoretical to actual, real-world usage. Don’t think of trading only! Blockchain technologies can be applied to numerous sectors beyond finance, including data management, medicine, education, and more. The sky is the limit, as crypto enthusiasts say.

But do we know what blockchain technologies, which we continue talking about, are? Blockchain technology is defined as distributed ledger technology where information is stored digitally. What makes it unique is its decentralised nature and structure. Instead of storing data in tables, information is grouped in blocks. When a block reaches its storage capacity, it is closed and connected to a previously filled block, forming a chain of blocks or a blockchain.

Do not let these technicalities confuse you! The truth is that blockchain technology is not only for cryptocurrency geeks to understand.

Now, countless organisations and even governments worldwide choose to join the industry and invest billions of dollars to research and integrate blockchain technology into their ecosystem. Why? Because its innovative structure model ensures transparency and eliminates the need for traditional intermediaries. JPMorgan, Amazon, Allianz, Ford, Phizer, and Walmart are just some of the huge corporations interested in blockchain technologies.

Governments are no expectation. Believe it or not, China is one of the proponents of blockchain technology to improve and speed up relevant business processes. China’s leader even said that blockchain technology is an “important breakthrough in independent innovation of core technologies.”

Perhaps the biggest value of blockchain technology for many big corporations is its ability to share data in a very fast and secure manner. Let’s not forget that blockchain transactions are secured by cryptographic algorithms, which equals safety. The great thing is that not a single entity has to accept and bear the burden of safeguarding data on its own. Tempering data is almost impossible. Simply because if someone tries to alter a signed block, this will affect the whole blockchain.

As blockchain technology creates trust between different entities, businesses and more options are being formed on the go. This is where we come in! We aim to connect you with a wide range of business options that are ready to take a step forward in the crypto market.

This one small step could be a big leap for your financial future. Ready to take it?

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