How Blockchain Can Be Used In Business

How Blockchain Can Be Used In Business

How Blockchain Technology Can Be Used In Business 

To flourish amidst your business competitors in this digital era, you require to work on having an effectual communication network is revolutionizing how valuable businesses function due to it's scale of benefits. Most of the industries including healthcare, education, finance, manufacturing, real estate, supply chain, e-commerce and telecommunications have made its adoption a censorious priority.

How Blockchain Technology Is Revolutionizing Business Communication Networks

According to a Deloitte (Audit, Consulting, Financial, Risk Management, Tax Services) survey, 53% of fintech companies believe blockchain technology has become vital for their valuable businesses and organizations. PwC's 2018 worldwide blockchain also verified that 84% of organizations including the likes of Amazon & Facebook are already immerse in it. And expectations are high-level that blockchain technology will become even more extensive over the next respective years.

Why Businesses Need Blockchain Technology?

By leveraging this public ledger blockchain technology, businesses and industries can shape up their core business functionality by bringing more safety, data security, traceability, immutability, and ofcourse transparency. Based on the respective business nature, you can develop and create separate custom blockchain like permissioned or authorized blockchain accessable for your interconnect blockchain networks. Only a few number of participants or users can have the advantage to access the information provided within the blockchain network. Blockchain technology is a distributed ledger that was launched in 2009 year. This massive ledger record transactions arranged in blocks and chained together. As such, blockchain technology permits traceability of records and transactions.

The blockchain technology also backs bitcoins and cryptocurrencies and is used to verify with validate the transfer of these assets. Aside from giving open-source traceable record and storage, blockchain technology offers such as high-level security & immutability. As a consequence, this modern blockchain technology has surpassed its massive use for only cryptocurrencies, enabling organizations and businesses to transaction and communication seamlessly over the Internet. Okay let's see, "How Blockchain Technology Is Helpful To Business". 

Blockchain Technology Qualities That Lead To Success

Here are the respective ways in which blockchain technology is fundamentally transforming business communication networks,
  • Decentralization
  • Data can’t be hacked 
  • Secured Eco-System
  • Easy To manage risks
  • Flexible to maintain complex records
  • Transparency of business records

Decentralization:

Blockchain technology can't be controlled by a single node. Therefore, blockchain is a decentralized ledger technology where blocks of records and information are stored across a network. Exactly what this technology means is that even if a single particular node goes down, other respective nodes can catch records and overall transactions that were missed. And the important fact that each and every node processes records & transactions takes away the possibility for a one particular single node to bring down the entire structure. Further, there is no central control of the blockchain technology and neither government nor a central bank or higher authority can influence its use. Plus, those highly positioned in organizations cannot make manipulations to the blockchain technology, very much thanks to its decentralized nature. For businesses, this kind of process means they can without relying on a central based authority.

How Blockchain Technology Help in Data Security & Data Privacy?

Data security is everything for businesses, Right? As it ensures that their valuable data's and records are not susceptible to an attack. Nonetheless, many businesses have been hacked time and again for relying on traditional types of storage method. In 2013 year, there was a data breach on famous Yahoo's database & 3 billion records were affected. Likewise, data concerning to Capital One credit cardholders exactly 100 million Americans & six million Canadians was hacked in 2019. 

Here's how you can secure your datawith blockchain technology.

Blockchain technology on the other hand is a secure based platform for storing data's and information. This technology uses cryptographic techniques, hash functions & Merkle trees and also public & private keys to make this technology difficult for a hacker or hacker to alter its single content. The massive immutable nature of this blockchain technology ensures that stored information and content cannot be changed. Also, its high-level safe and security makes this technology less impressionable to cyberattacks. 

Blockchain Technology - Difficulties in hacking

Blockchain technology - decentralized and distributed ledgers across peer-to-peer (p2p) networks that are significantly and continually updated and kept in sync all time. Each respective block is connected to all the othe blocks before and after blockchain networks. While attackers or hackers can break into traditional networks and find all the records and data in a single repository and corrupt it, the blockchain technolgy makes this unfeasibly hard concept.

As a famous blockchain technology, which is growing in popularity all over the world, blockchain technology seems to be the ideal platform for organizations and companies to secure their huge valuable amount of data. This technology is not only safe, secured, reliable but also transparent which is really makes it even more appealing to organizations.

Blockchain Technology help in Data Privacy

While blockchain technology's content is open and accessible to anyone, there are permissionless and permissioned blockchains. The latter this technology ensures that sensitive information is kept away from the permissionless or public's eye.  In this kind of process, the valuble data is encrypted and that data can only be accessed after respective permission has been granted. Further a private/permission blockchain accounts requires the management's approval before participants are added to this blockchain network. For this particular reason, there can be centralized control over who can join the blockchain network, thereby permitting enhanced data privacy. 
For example,  blockchain technology based projects like Dust, Debrief and many more are working to increase high-level data privacy and efficiency and also engage customers, reducing the potential for sensitive records to be accessed by unauthorized participants. 

Blockchain Technology - Transparency 

Blockchain technology has encouraged singular trust among network users, since transfers are guaranteed to be safe and secure. Much more, everyone on the blockchain technology network can see such data transfers in real-time thanks to the transparency permitted by blockchain technology. This kind of helps to improve and raise accountability and trust between both business partners. 

Advantages of Using Blockchain Technology as a Ledger 

There are many advantages linked to using blockchain as a technology to maintain transactions and business records.

Vishal Gupta - (Founder, CEO)- SearchTrade.com & Co-founder – DABFI, both are believes that governments can be open to investing in blockchain based innovations and given the blackchain technology’s ability to record each and every transactions on distributed ledgers. This will also permit new kind of approaches for governments to improve more transparency, prevent fraud, establish business partners trust and bring significant time and cost business profits and savings. 

“The use of blockchain technology also means the documents and records can be replicated in multiple locations, giving better disaster recovery & saving the cost of off-site physical storage system,” he said.

Vishal too agrees that blockchain technology can be efficiently used to certain streamline and improve business operations. Be it financial transactions management, contract management, asset management, regulatory compliance, production, property and land registration, electronic health records, shipping, e-voting, identity management, digital wills, tourism engagement etc. Signing off, Vishal said, “Blockchain is a massive revolutionary technology that governments can't ignore.”

The massive immutable nature of blockchain technology also permits data integrity, since blockchain network content can't be changed easily. This means that particular business partners cannot challenge the legitimacy of transfers, because they are able to monitor those each transactions. A real-life business use case of this is evident in the where the blockchain technology is used for revenue cycle management system and majorly fraud prevention.

Traceability Is The Way To Boost Your Business

Blockchain technology's content can be tracked in real-time, which has offered immense permits to businesses and organizations. blockchain technology's content is very accurate at all times, and moreover, several users and participants of the blockchain network will see the same information irrespective of where and when they access it. It, therefore, blockchain technology enables large number of enterprises to communicate and coordinate industries like ( supply chain and logistics ) information. Blockchain technology is worth nothing that this traceability has aided in verifying the authenticity of rare & valuable products. In this kind of aspect, users can easily scan a barcode to access and determine if the raw materials mainly used for the products were rightly sourced. 

Blockchain technology also provides users the confidence that they have purchased authentic products. Blockchain has transformed the business massive communication network in many ways than one method. The ultimate distributed ledger's features, including data security, data privacy, decentralization, immutability and traceability have improved the best way businesses communicate & relate. This massive technology also reduces costs significantly, all of which is why company looking to promote its growth in the the long run, needs to adopt the blockchain system.

With blockchain, Users would have the ability to store private informations and records in a secure, decentralized ledger. Users would maintain records or data ownership, deciding when & where it's shared. This Blockchain technology could prevent malicious behaviours and also 3rd parties from ever accessing or harvesting personal inofrmation without consent. No data, no directing unsuspecting citizens down particular behavioral paths.
Hence, it is the right time for all you choose the best blockchain platform thats suits your valuable business and organizations. 

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