The revolution in the technology over the recent years have given rise to major upheavals in the financial market referred to as blockchain technology, bitcoin, and cryptocurrency. Be it any industry, Blockchain is the buzzword everywhere with innovators exploring the humongous use of blockchain in order to bring disruption in their conventional business models.
These new concepts have taken the world by storm with their cutting-edge revolutionary approach coupled with multiple benefits including decentralization of the data, forming contracts, saving money, keeping track of ownership, marketing and much more.
Blockchain will be considered as the king of all technology in the future, being present underneath every recording that will happen be it a digital transaction, exchange of values, supply chain or exchange of goods or services.
Every single data in the blockchain is chained into encrypted blocks which are completely secured and can never be modified or hacked into. The data is then scattered to a worldwide network of distributed computers like a shared list of encrypted records making it secure. Read how blockchain can disrupt the enterprise methodologies with its benefits:
Blockchain provides greater transparency to enterprise transactions as it acts as a type of distributed ledger. It is known as a transparent, single source of truth – If any member of the network tries to make a change to a block then everyone else in the chain can see where the change happened and can also decide whether this is an authorized change or not. To change a single transaction over blockchain, all subsequent records will require alteration thus making the data more accurate as well as transparent.
Blockchain boosts the greater security of the transaction in comparison to other record-keeping processes. Once the transactions are approved they are encrypted and chained together and then recorded across a network of computers making it less likable to get hacked or modified easily. This helps to prevent any type of fraud or unauthorized access to mission-critical data.
Dealing with complex supply chain procedures which makes tracing any product difficult? In case of exchange of goods and services, blockchain helps to eliminate complexes and accelerates accurate traceability of the entire journey of the product thus verifying the authenticity and preventing fraud.
Higher speed and efficiency
Blockchain helps to streamline as well as automate the conventional enterprise processes thus eliminating human errors and increasing the speed and efficiency of the process. With the decentralization of the records, everyone has access to the same information, thus building stronger trust without numerous intermediaries.