Brief: Blockchain for Business
Blockchain is a distributed immutable database which stores time-stamped transactions, events or smart contracts (mostly; any type of data can be stored).
With its decentralized and trustless nature, Blockchain technology can lead to new opportunities and benefit businesses through greater transparency, enhanced security, easier & true traceability and improved speed & efficiency.
Salient points:
- The blockchain technology allows for verification without having to be dependent on third-parties or intermediaries.
- Once in Blockchain, the Data cannot be easily altered by hackers or others due to it's decentralized nature, strong encryption and consensus algorithm between nodes for updating data
- It uses protected cryptography to secure the data ledgers. Also, the current ledger is dependent on its adjacent completed block to complete the cryptography process.
- It provides high level of data redundancy due to multiple copies of all data.
- Transparent, time-stamped transactions of Blockchain ensures high degree of accountability, holding each sector of business responsible to act with integrity towards the company’s growth, its community and customers.
- With the smart contracts, the businesses can pre-set conditions on the blockchain. The automatic transactions are triggered only when the conditions are met.
- Efficiency is increased in Blockchain by unified records and by removing intermediaries for verifying transactions as well as by automated execution of smart contracts.