How Blockchain Technology can revolutionize the business industry. Technology is innovation!

“Blockchain. The biggest opportunity set we can think of over the next decade.” — Bob Grifeld

Introduction:

blockchain was proposed as a research project in 1991, and first introduced in 2008 behind the bitcoin distributed ledger. The concept of blockchain was introduced by  Satoshi Nakamoto in 2008.

A blockchain is a distributed ledger technology ( DLT) that stores any kind of data and information, A blockchain stores information in blocks about the transactions and cryptocurrency. Blockchain stores data in such a way that others can’t change orhack the data. It is a type of shared database that differs from the typical database. A process of recording transactions and tracking assets in the business network.

Blockchain technology :

Blockchain is a record-keeping technology designed to make it impossible to hack the system or forge the data stored on it, thereby making it secure and immutable. It is a type of distributed ledger technology (DLT), a digital system for recording transactions and related data in multiple places at the same time.

How Blockchain will Impact the Business

Blockchain is an emerging technology. It plays a vital role in the growth of the business industry, Across the globe Blockchain is helping to transform the business world in all sectors like Finance, medicine, Manufacturing, and education. Blockchain technology will revolutionize the world just like the internet.

It can disrupt positively for instance central banking platforms, trade, financial services, supply chain, business process improvement, and the health industry.

Blockchain and bitcoin technology both are innovative and technological solutions for many problems.

The major benefit of blockchain is the trust that it builds among people, which means that greater trust leads to greater efficiency by eliminating duplication of efforts. The core value of blockchain is the true representation of reality at a given time, thus creating and establishing trust and transparency between businesses and participants. Blockchain can be thought of as a state machine.

Key features you need to Know — Characteristics of Blockchain Technology Blockchain Technology (BT) has several characteristics that explain its role in technological development.

• Distributed
• Standardized Rules
• Privacy
• Auditability
• Security

Benefits of Blockchain Technology

Transparency: In a blockchain, a complete history of transactions is permanently maintained and simultaneously available to all network users. All users involved in a transaction are aware of any actions taken on any data or transactions executed, thus promoting increased transparency.

Business Continuity: The availability and continuity of services provided are crucial requirements for all businesses. The absence of a vulnerable single failure point in blockchain technology means the system is never down, despite some parts’ failure, thus supporting business continuity.

Disintermediation: Blockchain infrastructure’s being truly decentralized enables a significant level of disintermediation. Technology protocols and elements can replace intermediaries, enhancing efficiency, and reducing friction-related direct and indirect costs between individuals and organizations, due to decreased trust.

Trust: The blockchain mechanism’s underlying concept is the establishment of a trustworthy record between untrusted parties. The good design of blockchain-embedded protocols and cryptography property enforce trust and ease its verification.

Smart Contracts: Some functionality can be added to ledgers, as most blockchain applications provide some scripting languages. These programs, so-called smart contracts designed to digitally facilitate, verify, and enforce the business logic’s negotiation or performance.

Smart contracts can be utilized in traditional systems, but data integrity and data availability to all parties make blockchain the right technology platform to leverage smart contracts.

Conclusion:

There are several applications of blockchain in various domains and in future trends blockchain technology will hold major significance and value. Centralized blockchain can be a great boon to society, especially in the developing parts of the world, whereas decentralized blockchain will only cause chaos and destruction.