Blockchain Technology has the potential to revolutionize several sectors and industries.
Many mainstream companies have adopted the technology after recognizing it’s possibilities.
So, let’s look at why and how Blockchain technology benefits enterprises allover the world.
Public vs Private Blockchains
Public Blockchain
Good examples for Public Blockchains are Bitcoin and Ethereum.
These Blockchains provide many of the functions needed for enterprises, except privacy.
A public blockchain is visible to everyone, and while the data is secure, it is not private.
Private Blockchain
The Linux Foundation’s Hyperledger blockchains are a good example for Private Blockchain.
They provide all the features of Public blockchain with the added advantage of being “permissioned.”
This makes them perfect for organizations and enterprises because data can be made available to select participants.
Resilience through Decentralization
- Decentralization is perhaps the most useful feature of blockchain technology for enterprises.
- In a centralized network, all computers are connected to a central server.
- This server has to be functional at all times because all data flows through it.
- In blockchain, all computers (peers) are interconnected and distributed, making this a peer-to-peer network.
- Even if one peer is dysfunctional, the entire network is not affected.
- Moreover, if someone attempts to make any changes to the data, all peers are notified, making the data secure.
Data Immutability
- The Data stored on a blockchain ledger can never be lost.
- When we add new data, it is stored on a new block.
- This new block has the cryptographic hash of the previous block.
- If someone were to make any changes, it will be clearly visible and notified to all peers, eliminating fraud and data tampering.
Privacy & Transparency.
- For an enterprise, the balance between privacy and transparency is crucial.
- Some data might need to be protected (eg. Confidential records), and some might need to be public (eg. Transactions).
- By employing private and public ledgers, a blockchain system would be able to deliver exactly that.
- Protecting the privacy of the participants, while maintaining accountability.
Automation
- One prime feature of blockchain technology is a Smart Contract.
- Smart Contracts are self-executing contracts that automate tasks based on some criteria.
- Tasks such as payroll, scheduled payments, etc., can be faster and more efficient with smart contracts.
- Once a Smart Contract is deployed, it cannot be changed, meaning that no “third-party” can tamper with it.
- This eliminates the need for “trust” in transactions.
In a Nutshell
Blockchain technology opens up a whole world of opportunities for enterprises and organizations.
It combines privacy, confidentiality, resilience, automation, and durability, into a single package.
Using blockchain-based systems, enterprises and businesses can completely transform the way they do business, forever.
Blockchain technology continues to gain popularity day after day.
Only the massive phenomenon that the internet brought about in the 1990s is comparable to the social impact that this technology is having.In the year 1998 there were a million users on the Internet.
Even so, in many sectors the important advantages it offers are already being exploited.
Thus, information on the status of a patient can be collected through this system and a historical record of all patients can be kept.FeedingImportant companies in the sector such as Walmart are developing food safety applications, through which consumers can learn about the process a food has gone through until it reaches their hands.The American company Corporation Cargill has been one of the pioneers in using the Blockchain system in food.
The enormous complexity that usually accompanies these systems makes the entry of this technology even more favorable, thanks to the automation of processes, the reduction of administrative and customs procedures and the reduction of fraudulent activities.It is true that in this area it is proving costly and slow, but the introduction of this technology is already being noticed and promises to revolutionize the concept of transport and logistics in the next decade.
The Bosch-led consortium has been running for more than a year and has already incorporated blockchains into logistics supply.
And, with new remarkable technological advances, it only gets simpler and better by the day.Blockchain technology, which is the most common in the currency market, is one such brilliant innovation.
From healthcare to finance to the modern media sector, blockchain has reached every industry.
Let's look at how blockchain can help mobile apps and why you should use blockchain for your company.How does blockchain technology elevate mobile applications?
Blockchain networks are made up of a chain of blocks that contain information and are encrypted with strong cryptography.
Each block contains the transaction data and the timestamps of the previous blocks.
Transparency The method of authorizing applications for sale on Google Play and Apple's App Store appears to be unpredictable and considered unfair.
What is Blockchain?In simple words, the blockchain is a unique distributed record that stores the data and verifies its integrity.
By using a different set of cryptography based technologies, Blockchain assures that transaction continued into the blockchain database which is steady.Blockchain technology manages the every currency transactions.
But Blockchain is not limited to just currency but enlarges to any domain where anything of value is implemented, be it contracts, personal information, health records, business data and much more.
Advantages of Blockchain TechnologyEfficiencyTransparencyTrustFlexibility Our blockchain solutions offer paradigm shifting abilities to the businesses that are in search of unmatched scalability at the operational level.
Development Platforms for Blockchain TechnologiesEthereum is perhaps the most consistent and widely spread platform for the creation of viable blockchain systems.
Despite the fact that the whole platform is relatively new and has only been developed a few years ago, Ethereum has been taken its place at the forefront in the world of developing platforms for blockchain technologies.
Depending on the popularity and hype acquired by blockchain technology in the last few years, it won't say that blockchain is definitely a game-changer and also it can be considered as the next big thing to occurred in the inventions of the internet.
In simple words, it stores a record of each transaction that can be accessed by everyone who is all into the networks, therefore eliminating the requirements of a centralized authority.
It stores and collects the information in an encrypted blockchain with much safety and security.Let's see at some of the top real-world blockchain technology applications over various industries here.1.
It can help to trach the batch and serial numbers of prescription drugs.
Nowadays, some of the hospitals have started to record the patient's data with the latest ways of handling the data and they are using blockchain technology to store each patient's record confidential.
Patient's diagnoses report can also be stored so that they can easily track the history of the patient's health conditions.3.
