You must have heard of the term, “blockchain technology” have you? The quick progress of Blockchain technology is not showing any signs of slowing down. But what is this blockchain technology that everyone is talking about? Well, it is said that all the things like high transaction fees, double spending, net fraud retrieving long-lost data can now be avoided because of this technology.
Let’s not complicate things, when we can start the beginning. Right?
What exactly is this Blockchain technology?
A blockchain is basically a database that stores encrypted blocks of data. It then chains them together to a single source of data. The digital assets are distributed instead of copied or transferred. One of the primary benefits of the blockchain is that the recorded information is very hard to change, it can’t be altered without being agreed upon by all parties involved.
Blockchain is a revolutionary technology because it helps to reduce risk, stamps out all fraud, and brings out clear transparency.
Why does Blockchain Technology matter?
Blockchain technology is in the talks and matters because of its many benefits. It provides a variety of benefits in various fields. Some of them are-
- The technology allows for verification without being dependent or interfered with by any third party.
- The data structure in a blockchain allows append-only. So, the data can’t be changed or deleted.
- To secure the data ledgers, It uses cryptography.
- All the transactions are attached to the block with maximum trust verification. There is a consensus available of all the ledger participants for what has to be recorded in the block.
- All the transactions are recorded in chronological order. Thus, all the blocks in the blockchain are stamped respective to the time.
- The ledger is distributed across every single participant in the blockchain. So, it can be distributed.
- The transaction is decentralized, so there is no possibility for lost data recovery.
- The transactions that take place are totally transparent. So, the individuals with authority can view the transaction.
- The origin can be tracked for any ledge, along with the chain to its point of origin.
- It removes the risk of duplicate entry or fraud.
- With the use of smart contracts, businesses can pre-set conditions on the blockchain. The automatic transactions are only triggered when all the conditions are met.
How does Blockchain Technology help in the business world?
As blockchain provides multiple benefits, the technology is a boom for the business world. Here are some advantages provided by blockchain technology in business-
- Better in transparency!
Transparency is one of the biggest issues nowadays. Organizations have tried many rules and regulations to improve transparency and only one thing doesn’t make the whole system 100% transparent, which is centralization. With blockchain technology, we can go completely decentralized, which improves the transparency of the system. When it comes to transparency, it can also be used by the government.
Blockchain technology gives more security compared to any other system. Each and every transaction is encrypted and has a proper link to the old transaction. The fact that there is a copy of the transactions ever performed on the network, the security is also enhanced. So, there is no chance of any malicious act.
- The Cost is reduced!
Businesses spend a lot of money on improving their current systems. Using blockchain technology, organizations can bring down a lot of costs with third-party vendors. Blockchain has no inherited centralized person, there is no need to pay for any costs. Also, there is less interaction with validating a transaction, which removes the need to spend money further.
With blockchain technology, organizations can focus on creating a supply chain working with both vendors and suppliers. In the traditional chain of supply, it is difficult to trace items which can lead to multiple problems. Blockchain technology makes the supply chain more transparent.
- The speed and efficiency!
Blockchain technology improves efficiency and speed. All the time-consuming processes are automated to maximize efficiency with blockchain. With automation, all human-based errors are reduced. It utilizes its way of storing the data to provide a highly efficient process, transparency, and immutability.
What is the ICT Circle?
The B2B Platform for ICT channel: Vendors, Distributors, Resellers, and System Integrators from all over the world can transact with each other using the utilities of this platform. The features offered by ICT Circle are easy to use and give flexibility to seamlessly indent sales, procurement, marketing, and training to its subscribers, ultimately simplifying the day-to-day processes of the ICT fraternity
Wanna learn more about the ICT circle?
Visit here: https://www.ictcircle.com/india