How Blockchain Technology is Transforming Different Industries

What exactly is blockchain?

Some might ignore this thinking it to be some other IT jargon, but surely it is not.

The blockchain is a phenomenon that is sure to take over the world by a wonderstorm.

Is it some technology that is hard to understand? Or is it something ordinary people must surpass understanding? Well, blockchain technology is a methodology that will be taking over medicine, finances, and media industries in just the near future.

The blockchain is the distribution of a database that exists over multiple computers, all at the same timing. It is a system that keeps on growing as new sets of recordings, or ‘blocks,’ are added to it. Each block contains a timestamp and a link to the previous block. This pattern helps them so they form a chain. No particular body manages this database; instead, everyone in the network has a copy of the whole database. Old blocks are preserved forever, and new blocks are added to the ledger irreversibly, making it impossible to manipulate by faking documents, transactions, and other information. All blocks are encrypted uniquely so that everyone can have access to all the information, but only a user who owns a unique cryptographic key can add a new record to a particular chain. As long as you remain the only person who knows the key, no one can manipulate your transactions. Also, cryptography is used to guarantee synchronization of copies of the blockchain on each computer (or node) in the network.

How will blockchain technology help various industries?

 

1.      TRANSPARENCY

Transaction histories become more transparent while operating blockchain technology. Thus, data on a blockchain is more accurate, consistent and transparent than when compared to paper-heavy operations. It is also available to all members who have access via permission. To change a single transaction record would require the alteration of all subsequent documents and the plot of the entire network.

 

2.      SECURITY

A blockchain is more secure than various other record-keeping systems to notice. Firstly, Transactions must be agreed upon before they are recorded. Then, after a transaction is approved, it is encrypted and linked to the previous operation. Also, to be noted, along with the fact that information is stored across a network of computers instead of on a single server, it makes it very difficult for hackers to take over the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare.

The blockchain is an opportunity to save your information and to prevent it from fraud and unauthorized activity.

 

3.      TRACEABILITY

If you or your organization handles products that are manufactured at one place but sent out to other through a complex supply chain, you would be familiar with how tough it would be to trace an item back to its starting place. When businesses of goods are kept into record over a blockchain, one ends up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

 

4.      EFFICIENCY AND SPEED

When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers, and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

 

5.      COST-CUTTING

For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or intermediaries to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you have to believe the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permission access to a single, immutable version.

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