Bitcoin, also popularly known as Cryptocurrency, is the unregulated digital currency that was launched to make online transactions more simplified across financial sectors. Blockchain Technology is the groundwork that maintains the Bitcoin transaction ledger. The technological giants –IBM, Amazon and Microsoft have entered the Blockchain technology as the companies have started offering the Blockchain as a Service (BaaS) for the global market. The involved digital transaction encompasses a streamlined workflow with a secured and managed blockchain services through a replicated ledger. The technology has taken the financial world by storm, as there is a mass implementation from major corporations.
Microsoft Azure is offering blockchain technology for its enterprise customers in deployment and storage solutions for banking institutions, healthcare industries, and ledger startups. The company also provides analysis capabilities and off-chain data management solutions for its rapidly growing customer base.
E-Commerce giant, Amazon, has yet again added another technological revolution to their plethora of global interfaces. Venturing into the blockchain technology, Amazon Web Services has collaborated with Digital Currency Group (DCG) by providing blockchain service to financial institutions, insurance companies and other technology based companies.
IBM explored the digital transaction environment with BaaS service to provide a platform for enterprises to enhance their business operations. Focusing on the speed, privacy, governance, and scalability, IBM is offering blockchain solutions for its clients for adopting the next technological revolution that overcome the existing limitations.
The future of blockchain technology is deemed to change the financial sector as major banks, industries, and government have already implemented the technology owing to its contribution to the global market.