Transform your industry through adopting Blockchain technology


Blockchain technology is indigenous and has growing presence in business world. Blockchain is changing the way business operates and will probably also affect life of people. Primarily, blockchain was the technology behind the digital currency, Bitcoin, but it has opened up other possibilities of use across the internet. 


Exactly, a blockchain is a shared digital ledger that records transactions in a public or private peer-to-peer network. Blockchain agreement mechanisms offer the benefits of a consolidated, consistent dataset with less errors, near-real-time reference data, and the flexibility for members to change the descriptions of the assets they own.

Key features of Blockchain Technology include easy and faster transaction execution to augment customer service, cost efficiency in its operations and transparency to customers and managers.

The blockchain can be categorized into three types such as Public, Permissioned, and Private. Public block chain offers a base where person can read or write on giving proof of work. They are decentralized and Apparent. Permission Blockchain aids selective transparency where only selected nodes to have the rights to access and provide agreement on that transaction. They are quasi-decentralized. Private Blockchain offers right to the chosen companies to join the network which creates a closed loop environment.

Application:

Blockchain technology has numerous benefits. Modern cryptographic authorization and verification mechanisms empower trust in shared data across complex multi-party networks. It offers time stamping which is agreed upon across multiple, perhaps hostile or non-trusting entities.
Secure encryption and verification technologies facilitate untrusted members to securely share trustable information with a third party. In blockchain, digital signatures offer genuineness and non-repudiation. There are less chance of loss of universal data using this technology. Master data management is implemented without a controlling entity.

There are several drawbacks of blockchain technology. In this technology, there is lack of Internal Awareness, identification of business case and business partners for PoC, and selection of vendor/platform. There are also security related issues.

In concluding remarks, it is settled that blockchain is a pooled immutable ledger to record the past of transactions. It is a protocol to exchange value over the internet without an intermediary. Fundamentally, Blockchain is a system to transform multiple industries and which makes processes more democratic, secure, transparent, and efficient.










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