In the 90s the internet was all the rage and how it was going to impact businesses. Today, the same thing is happening in the business community but with Blockchain technology. There has been a great deal of talk about “Blockchain” and its impact on most of the businesses. So do you know anything about what blockchain is and how you can apply blockchain technology to your business?
Blockchain is an undeniably impressive invention from a person known by the pseudonym, Satoshi Nakamoto. He conceptualized blockchain. What it contains is a secure history of data exchanges, utilizes a peer-to-peer network to timestamp and verify each exchange, and could be managed autonomously without a central authority. Blockchain is essentially a global, public, cryptographically secure ledger that auto-records and verifies large volumes of digital transactions.
The blockchain database is not stored in any single location, meaning the records that it keeps are truly public and therefore easily verifiable. There is no centralized version of this information that exists for the hacker to corrupt or play with. Hosted by millions of computers currently, its data is accessible to anyone on the internet.
Starting from banking to healthcare, blockchain business applications are exponentially transforming the way data is stored and accessed. As of today, about 84% of companies have already started to experiment and go with blockchain technology to be on top in this competitive business environment.
How Does Blockchain Work?
A blockchain is implemented with three technologies:
a) Private key cryptography
b) Distributed peer-to-peer networks with shared ledgers
c) The basic protocols for performing transactions and record-keeping in a more secure way. Here’s how blockchain works:
Before we dive deep into how blockchain works, you must be aware of the concept of “keys”. With a valid set of cryptographic keys, you will get a unique identity. Your keys are the Private Key and Public Key wherein they are combined to give you a digital signature.
Your public key is how others are able to identify you and your private key gives you the power to digitally sign and authorize different actions on behalf of this particular digital identity when used with your public key. This is what we refer to as wallet address (public key) in the world of cryptocurrency and your private key is what allows you to effectively authorize transfers, withdrawals, and other actions with your digital property like cryptocurrencies.
Blockchain – Benefits
1. Payment processing and money transfers
Within the realm of e-commerce or any kind of international transfers, the most logical use for blockchain is to expedite the transfer of funds from one party to another. With Blockchain, you’re able to transfer funds directly, securely, and instantly to anyone you want globally with very low fees. That’s because there are no intermediaries slowing down the transfer of funds between several banks and therefore there is no need to charge outrageous transaction fees.
2. Monitor Supply Chains
The blockchain is particularly handy when it comes to monitoring and handling supply chains. By removing paper-based trails, businesses should be able to pinpoint and sort out the inefficiencies within their supply chains quickly, as well as to locate items in real time. Furthermore, blockchain technology would allow businesses and even consumers, to view how products have performed from a quality-control perspective as they traveled from their place of origin to the retailer.
3. Smart Contracts
Smart contracts help you to exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. The smart contract code verifies and enforces the negotiation or performance of an agreement or transaction. This is the simplest form of decentralized automation. By harnessing the power of Blockchain, businesses of all sizes will be able to use smart contracts to bypass regulations and lower the costs for a subset of our most common financial transactions.
4. Supply Chain Management
Applying blockchain to a supply chain process could resolve recurring problems by creating a permanent history list of a product. Much like Artificial Intelligence, blockchain provides many industry-spanning benefits – reducing costs, pinpointing human errors and avoiding any delays. Blockchain technology actively provides digitally permanent, re-auditable records that show stakeholders the state of the product at each value-added step. As a business owner, you could save years of time and millions of dollars through this next-gen disruptive technological tool.
5. Human Resources Management
Starting from recruitment to payroll management, human resources is basically a building block for any organization. Blockchain can help businesses receive clearer insights and transparency by storing and processing information in a decentralized ledger. This cutting edge technology helps businesses of all sizes to get vital & more accurate business data, honest turn around rates, automate and reduce the burden of traditional human resource management processes.
6. Enhancing Marketing Process
In this digital era, marketing and advertising play a major role in any business growth today. With blockchain technology, marketing and advertising are going to visualize a complete transformation where all relevant performance and audience information are processed and actioned through a decentralized ledger. With this disruptive technology, you can reduce the risk of fraudulent traffic reports, cut out the intermediaries needed to accomplish the advertising request, and allow multiple ad requests to be taking place at the same time.
In recent years, the advent of Blockchain Technology has drawn the attention of many app development firms. SDI possess exceptional blockchain app development experience to provide you with the desired solution. Get a full spectrum of Blockchain Development services to expand your business potency using Blockchain technology by getting in touch with Rob or Sakshi at +1.408.802.2885 / +1.408.621.8481 or email firstname.lastname@example.org