Blockchain has a lot more to offer than just a cryptocurrency Bitcoin.
Let me start first with basic definition of Blockchain-What it is??.
It’s very simple Just keep in mind “what internet did for information in real world same blockchain will do for transactions”. Blockchain will allow more trust and efficiency in exchange of almost anything.
In more technical language will define it as:
“An implementation of distributed ledger technology that records blocks of data in chain transactions and exchanges that take place in a peer-to-peer network.”
Blockchain works with other technologies like artificial intelligence, Internet of things and analytics to carry out exchange process effectively with no vulnerabilities.
Why does business needs a Blockchain?
According to research 65 percent of companies with more than 10,000 employees are considering getting involved with blockchain-based solution.
Today in fast changing world complexities, vulnerabilities, inefficiencies are growing exponentially in the current transaction system due to high volumes of transactions.Also the current system is more vulnerable to fraud, cyberattack, and human error. So to overcome all these challenges and provide trust, transparency, and accountability in recordkeeping, Blockchain comes into the picture.
It provide business most cost-effective, reliable and secure system for conducting and recording financial transactions. Blockchain technology has the potential to eliminate these vulnerabilities by keeping transparent records through distributed ledger technology. It involved all parties in a secure supply chain and synchronized record of transactions.
Let’s read some amazing real world example where Blockchain is changing our world.
- Shipping-In Many shipping supply chains there is lot of paperwork, documentation and hands-off are involved which cause delay of goods to enter into the port And in some cases, it can cost as much in paper and administrative flow as it does to pay for the shipping itself.
Blockchain is perfectly suited to the world of shipping as it establishes a shared record of all the transactions within a network and then makes it easy for permissioned parties to access trusted data immediately – with no intermediaries or verification of physical documents needed.
Also Read Blog on:Quantum computers and How they differ from Normal Computers
- Food Safety– The spinach on the grocery store shelf is bright green and looks delicious, but how do you know it is actually safe for you to eat? Retailer will assume that it is well inspected at every point on the basis of documentation but it reality it may not be that transparent.
Block chain will digitally records information like farm origination details, batch numbers, processing data, expiration dates and shipping details which will be helpful to trace the food status product and ensure food safety and hygiene .
- A pharmaceutical company can use blockchain to stop the flow of counterfeit drugs entering the supply chain and affecting patients.
- A bank can use blockchain to reduce the time required to settle cross-border bank transactions and validate payments in real time.
- Governments can use blockchain to build trust among people through open, transparent and collaborative networks.
For building a better Planet, building Blockchain technology will add more value to it.
This article is written by swikriti dandotia and information is collected from various digital sources.