Blockchain : “A tool for corporate transformation and process improvement and secure business processes all over the world.”
Blockchain is a database system that records and maintains data that allow individual and multiple organizations to confidently share access to the same data in a real time.
Why does blockchain matter?
Blockchain has capabilities to create new ways of thinking about how to transfer processes ,drive across trust between them, complex structure like supply chain ,digital identity of organization and people and build new revenue models .
Where is it going to increase the potential of customers?
Through the combination of blockchain, the quality of data and the variety of technology used today depends on multiple systems and it also explores the relationship between two growing forces.
Ability to store data in a fast and secure way among organizations. No one organization is responsible for safeguarding the data and for transactions.
Benefits of blockchain to the company
Benefits of blockchain to the company which the customer wants to know. Blockchain benefits are:
Blockchain builds trust between different organizations where trust is either nonexistent or unproven.
As a result, these entities are willing to engage in business dealings that involve data sharing, transactions and quality work.
Trust is one blockchain’s most cited benefits. Its value is apparent in early blockchain use cases that ease transactions among entities that didn’t have direct relationships yet still had to share data or payments.
In the case of Techpay,how blockchain enables trust between participants who don’t know each other.
2 Improved security and privacy
The security of blockchain is another leading benefit of this emerging technology. The increased security offered by blockchain stems from how the technology actually works:
- Blockchain sets up an unalterable record of transactions with end-to-end encryption, which removes fraud and unauthorized activity.
Additionally, data on the blockchain is stored digitally making it nearly impossible to hack (unlike conventional computer systems that store data together in servers). Furthermore, blockchain also leads to privacy concerns better than traditional computer systems by anonymizing data, requiring permissions to limit access and improving existing processes and enabling new models.
4. Reduced costs
- Blockchain’s nature also can cut costs for organizations. It increases efficiencies in processing transactions and reduces manual tasks such as aggregating, as well as easing reporting and auditing processes.
- Experts focusing on savings that financial institutions want when using blockchain, explaining that blockchain’s ability to streamline clearing and settlement process cost savings.
- Blockchain helps businesses cut costs by eliminating middlemen e.g vendors and third-party providers that have traditionally provided the processing that blockchain can do.
By eliminating intermediaries, blockchain can handle transactions faster . In some cases, blockchain can handle a transaction in seconds or less.
However, times can vary; how quickly a blockchain-based system. Still, experts have concluded that blockchain typically beats other processes and technologies in terms of speed.
For example Walmart used the technology to trace the source of sliced mangoes in seconds — a process that had previously taken seven days.
6. Visibility and traceability
In case of visibility and traceability, Walmart’s use of blockchain isn’t just about speed; it’s also about the ability to trace the origin of those mangoes and other products. Blockchain allows retailers like Walmart to better manage inventory, respond to problems or questions and confirm the histories of its merchandise.
For example If a particular farm has to recall its produce due to contamination, a retailer using blockchain can identify and remove the produce that comes from that particular farm while leaving its remaining produce for sale. According to experts, blockchain can help track the origins of a variety of items, such as medicines to confirm they’re legal or not and organic items to confirm they’re indeed organic.
Transactions, once recorded on the blockchain, can’t be changed or deleted. On the blockchain, all transactions are constant so there’s a permanent record. As such, blockchain can be used to track information over time, enabling a secure, reliable audit of information. In the case of Blockchain, transactions keep track of property titles even as they change hands.
8. Individual control of data
- Blockchain enables individuals to control over one’s own digital data.
Experts said. “In a world where data is a very valuable commodity, the technology inherently protects the Individuals and individual control of data .
- Organizations can decide what pieces of their digital data they want to share and with whom and for how long, with limits enforced by blockchain-enabled smart contracts.
Blockchain-based systems solve problems and improve longstanding practices. It is also used to verify the information .
On job applicants’ resumes as an example of such innovation. A strong percentage of people falsify their resumes, leaving hiring managers with the time-consuming task of manually verifying the information. But in selection programs that allow participating universities to put data about their graduates and their awarded degrees on the blockchain that can then be accessed by authorized hiring managers helps getting to the truth and getting to the truth quickly and efficiently.
Benefits of organization using Blockchain
Some organizations are better suited to gain benefits than others. Here are following industry benefits from Blockchain:
Financial institutions — financial institutions and their customers — are seeing faster and less-costly settlement.
Healthcare entities Health care industries are finding that blockchain can ensure the security of patient records and to maintain privacy and also enable the ability to share a patient’s data only as the patient allows.
Nonprofits and government agencies Non- profit and government agencies have adopted smart contracts and to create unchangeable records.
Organization adaption Blockchain technology for:
- It is an unchangeable public digital record, which means when a transaction is recorded, it cannot be modified
- Due to the encryption feature, Blockchain is always secure
- The transactions are done instantly and clearly , as the record is updated automatically
- The authenticity of a transaction is verified and confirmed by participants