Blockchain technology eventually is rising to the top and spreading speculations on how it can disorganize or eliminate centralized systems and allow global transactions in the various industry by using a distributed ledger system.
Blockchain in simple language: Blockchain is simply a organized distributed ledger system. Blocks are basically a accumulation of data in a Blockchain that are linked using Cryptography. It is that the ledger is scattered across the network with every associate involved in the network and each associate is given the privilege to have a copy of the complete ledger.
It is just a distributed database available to multiple associates or computers at the same time.
Every individual blocks consist of s timestamp and link to the previous block, forming a chain of Blocks.
Multiple businesses in the world are looking up to the potential and uses of Blockchain Technology as it has already started revolutionizing the world economy.
Starting from healthcare service, financial sectors and especially global supply chains are analyzing and focussing on Blockchain Technology due to its efficient features.
It can change Grand business by its benefits like enhanced security module, complete transparency,improved traceability,cost reduction programs, and fast transaction methods.
Coming to the current benefits of Blockchain and it’s uses
Increased Security – Blockchain is made in such a way that it is more safe and secure than other data-keeping systems. When you are making a transaction both parties must agree to it before it gets recorded. When a transaction is already approved, it’s programmed to encrypt and link to the previous block or transaction. Information and data here are kept across a network of servers reducing the chance for hackers to compromise the transactional records. In the 21st century we all know data breaching and hacking is not rocket science. So, primarily financial companies and healthcare industries are relying on Blockchain technology to avoid fraud and unwanted data breaches.
Absolute transparency – All the transactions which take place in Blockchain are becoming more transparent gradually.
Multiple big businesses have always been in doubt when it comes to transparency. Blockchain can solve this problem. As it is a distributed ledger,all network associates have the same copy of documentation with them and the shared version can be updated only with the consent of every individual present in that network. This is why data in a Blockchain is transparent and precise. Thus using Blockchain technology will help businesses to maintain and keep transparency.
Improved Efficiency – Traditional heavy paperwork has always been a time-consuming method that can bring in errors. Blockchain can be regularized to automate the process of transactions. This can contribute to more efficient and swift transactions. Since records are stored using only a single digital ledger, you don’t have to go through multiple ledgers reducing confusion and wastage of time.
Enhanced Traceability – All the transactions, it’s a quantity,peers and time all can be monitored and tracked by the help of Blockchain technology. Especially overall process od supply chains is grand, which increases its complexity. It is very difficult to trace a product back to its origin while working manually. Blockchain can be used to record and store any exchanges of goods which took place and you can even get an audit trail that reveals steps from where a product came from, where it has halted and delivered. By this way, it can help to verify if the asset is legitimate and prevent fraud.
Reduced Costs of operations – Businesses have been spending a lot on its operation and behind third parties or middlemen. With revolutionizing blockchain technology, multiple businesses are trying to reduce operational and trading costs. You may not trust your trading partner but you could trust a Block of data in the blockchain. Yeah, this is how it goes. Reviewing documentation and heavy paperwork can be reduced because every associate will have access to a single version of data.
5 Potential use Blockchain technology for Future growth
Supply chain Audit – Monitoring supply chain is a great task Blockchain can accomplish.
Blockchain could remove the use of the paper-works trail and helps focus on the inabilities and insufficient methods or errors in the supply chain swiftly.
Data sharing – Last November, Cryptocurrency IOTA introduced a beta version of its Data marketplace where sharing and selling unused data could be possible. Most of the time data remains unused, in that case, Blockchain could store and move this data to improve a host of industries.
Payment processing and money transfers – This can be one of the most used features of Blockchain. After all, the transfer of funds from one party to another is the most logical use of Blockchain. Banks take days and even weeks of time to complete a transaction whereas Blockchain would need a few seconds to do the same job that too with security.
Digital Identities – According to a study more than 1 billion people globally have to face identity problems. Microsoft has lent a hand to solve this problem as soon as possible. Its creating digital ID’s within the authenticator application and millions of people are heard using it. This can help users to control their digital identities.
Copyright protection – In the era of the Internet, copyright and ownership laws, especially on digital platforms, is getting outdated. Blockchain could boost up the process of copyright laws for digital use nad downloads of content. This can make the content creator or the artist to get their fair share of the money.
There are many other fields and programs Blockchain is working on to provide breakthrough support in the near future like Digital voting, Auto-title transfers, Immutable data back-up, Tax regulation, Equity trading, tracking prescription drugs and weapons and there are many more to add. While this is being researched and developed, there are other applications of Blockchain that could be used in the real world.
Blockchain has the potential to revolutionize major areas of business like Supply Chain, Healthcare, Digital Voting, Human rights protection, Real estate, and Solar Energy field.
As we have seen several companies are trapped in centralization and traditional working methods. Blockchain is the only way to free yourselves from these forces. We have discussed about Regulation of Blockchain Revolution: Current Status and Future Trends in this article.I hope those wanting to learn about the potential uses of Blockchain and its future potential know has knowledge of it.
Blockchain will be the most unique tool for doing business.