GETTING STARTED WITH BLOCKCHAIN TECHNOLOGY
What is blockchain?
Blockchain is a data recording mechanism that makes it hard or difficult to alter, hack, or cheat the system.
A blockchain is basically a decentralized transaction database that is duplicated and distributed on the blockchain through the vast network of computing systems. Each block in the chain includes a number of transactions, and a record of transaction is added to the ledger of every party every time a new transaction happens on the blockchain. Distributed Ledger Technology is defined as a shared network operated by many users (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
How Blockchain Can Power Up Your Business?
Blockchain solutions are not only limited to the exchange of cryptocurrencies. There are several advantages that this technology, in its distributed and autonomous existence, will offer to companies in several different industries:
Greater Transparency
The best feature of Blockchain comes from the fact that its public address contract database is open to viewing. This brings an unparalleled element of transparency to financial processes and corporations, making each sector of the company accountable to act with integrity towards the growth of the company, its society and clients.
Increased Efficiency
Because of its centralized existence, Blockchain reduces the need for intermediaries for fields such as payments and real estate across several processes. The blockchain allows quicker transactions compared to conventional financial institutions by facilitating P2P cross-border digital currency transactions. With the consolidated system of ownership records, and smart contracts more efficient.
Better Security
As a new transaction is encrypted and connected to the previous transaction, Blockchain is much safer than other record keeping schemes. As the name suggests, Blockchain consists of a network of machines that come together to validate a ‘block’ and this block is then linked to a ‘chain’ ledger. Blockchain is made up of a complex string of mathematical numbers and once created, it is difficult to modify them. This immutable and incorruptible existence of the blockchain defends the blockchain from fake evidence and hacks. It’s decentralized existence also gives it a special ‘trustless’ consistency, meaning parties do not require faith to transact safely.
Improved Traceability
Each time an exchange of goods is reported on a Blockchain with the blockchain ledger, an audit trail is present to track where the goods come from. Not only does this serve to improve protection and deter theft in exchange-related industries, but it can also help to check the validity of the assets exchanged. It may be used to trace the supply chain from supplier to seller in sectors such as pharmacy, or to provide irrefutable evidence of ownership in the art industry.
CONCLUSION
With its decentralized and trustless nature, Blockchain technology can lead to new opportunities and benefit businesses through greater transparency, enhanced security, and easier traceability. As a buzzword on the tongue of every investor in the nation, blockchain stands to make business and government operations more accurate, efficient, secure, and cheap with fewer middlemen.